The British Business Bank has agreed to an initial £75 million ENABLE Guarantee with Cynergy Bank, according to a statement by the bank. The funds will guarantee a term loan portfolio of commercial real estate assets. There is an option to increase the amount to £150 million.
Cynergy Bank, an existing partner having participated in the Coronavirs Business Interruption Loan Scheme and Recovery Loan Scheme, has been supporting business owners and property entrepreneurs in the UK with financing since its launch in 2018.
Reinald de Monchy, Managing Director, Guarantee and Wholesale Solutions, British Business Bank, said that one of their aims is to increase the diversity of funding sources for smaller firms and they are happy to partner with Cynerrg and expand their relationship with the lender.
SMEs are the lifeblood of the UK economy said Nick Fahy, CEO of Cynergy Bank:
“…it’s important to ensure their needs are met in order to help them grow and flourish, but it’s also vital to ensure they have the right support during uncertain times. This is why Cynergy Bank is proud to partner with the British Business Bank on the Enable Guarantee which will provide more certainly to small businesses especially during challenging times.”