The British Business Bank has committed to an ENABLE Guarantee transaction of up to £100 million with Cynergy Bank PLC. The goal is to support its asset-based lending arm Cynergy Business Finance Limited expand its lending to UK small businesses. Cynergy offers invoice based lending which is viewed as providing an additional option for SMEs in need of capital.
Cynergy Bank has been working with businesses in the UK since its launch in 2018.
Along with the invoice financing, Cynergy Business Finance also offers cashflow loans and other asset-based lending products such as secured lending.
Ted Winterton, Managing Director, Cynergy Business Finance, stated:
“Cynergy Bank has previously partnered with the British Business Bank under the Coronavirus Business Interruption Loan Scheme (CBILS), British Business Investments (BBI) and Recovery Loan Scheme (RLS) programmes. It is fantastic to build upon this strong relationship which will help Cynergy Business Finance continue to grow and support UK SMEs across the country in a wide variety of industry sectors.”