British Business Bank agrees initial £75m ENABLE Guarantee with Cynergy Bank
The British Business Bank has agreed an initial £75 million ENABLE Guarantee with Cynergy Bank.
The guarantee will cover a portfolio of term loans secured, within the commercial real estate sector (e.g. hotels or care homes) and has the potential to be increased to £150m, resulting in up to £70m of additional lending capacity to small businesses.
Cynergy Bank has been supporting business owners, property entrepreneurs and family businesses in the UK with their financial needs since its launch in 2018.
The bank is also an existing partner of the British Business Bank under both the Coronavirus Business Interruption Loan Scheme (CBILS) and Recovery Loan Scheme (RLS) programmes.
Reinald de Monchy, Managing Director, Guarantee and Wholesale Solutions, British Business Bank, said:
“One of the British Business Bank’s key aims is to increase the diversity of funding suppliers for smaller businesses. We are therefore pleased to welcome this new ENABLE Guarantee facility with Cynergy Bank, a growing specialist bank in this sector, and continue our strong relationship with them as a lender.”
Nick Fahy CEO of Cynergy Bank, said:
“SMEs are the life blood of the British economy, 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.”
Notes to editors
About Cynergy Bank
Cynergy Bank was established in 2018 by entrepreneurs to serve the needs of business owners, property entrepreneurs and family businesses. We have a strong track record supporting businesses that want to scale up and provide over £3bn lending to scaling businesses across the UK, we also offer retail deposits to UK savers. Our vision is to provide a truly personalised service that is delivered through face-to-face relationships and enhanced by the latest technology.
At Cynergy Bank we recognise that our customers’ personal and professional lives often overlap. Our mission is to help empower them to achieve their ambitions by serving all their interdependent banking needs. We provide a range of digitally enabled products and services to meet the property finance, business and commercial banking, private banking and personal savings needs of our customers.
Cynergy Bank has signed partnership agreements with Google Cloud and Wipro Limited to continue to innovate in the human digital space.
Cynergy Bank is a UK bank, authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Eligible deposits are protected up to a total of £85,000 by the UK Financial Services Compensation Scheme. Cynergy Bank was established following the acquisition of a UK based community bank in 2018. For more information on Cynergy Bank visit www.cynergybank.co.uk
About the British Business Bank
The British Business Bank is the UK government’s economic development bank. Established in November 2014, its mission is to drive sustainable growth and prosperity across the UK and to enable the transition to a net zero economy, by improving access to finance for smaller businesses. Its remit is to design, deliver and efficiently manage UK-wide smaller business access to finance programmes for the UK government.
As well as increasing the supply and diversity of finance for UK smaller businesses through its programmes, the Bank works to raise awareness of finance options available to smaller businesses. The British Business Bank Finance Hub provides independent and impartial information to businesses about finance options, featuring short films, expert guides, checklists and articles from finance providers to help make their application a success.
The British Business Bank is also responsible for administering the government’s three Coronavirus loan schemes and its Future Fund, together responsible for delivering £80.4 billion in finance to 1.67 million businesses. These schemes are now closed to new applications.
British Business Bank plc is a public limited company registered in England and Wales, registration number 08616013, registered office at Steel City House, West Street, Sheffield, S1 2GQ. Wholly owned by HM government, the Bank and its subsidiaries are not banking institutions and do not operate as such. They are not authorised or regulated by the Prudential Regulation Authority (PRA) or the Financial Conduct Authority (FCA). A complete legal structure chart for the group can be found at the British Business Bank.
¹ Figures as at the end of March 2022
² Figures as at the end of March 2022