Cynergy Bank is pleased to announce that its lending allocation under the Coronavirus Business Interruption Loan Scheme (CBILS) has increased. This increase, in addition to the original allocation in April 2020, means the Bank will be able to continue to offer government backed guaranteed loans to both new and existing business customers.
CBILS, delivered through British Business Bank accredited lenders, is designed to support the continued provision of finance to UK smaller businesses (SMEs) during the Covid-19 outbreak. The scheme enables lenders to provide facilities of up to £5m to smaller businesses across the UK who are experiencing lost or deferred revenues, leading to disruptions to their cashflow.
Following the announcement in April 2020 that Cynergy Bank had become accredited under the scheme, the Bank extended its offering to new customers in June. The Bank has already received applications for CBILS lending that will result in over £100 million in CBILS lending.
The Bank will now be able to provide extra financial support to its target market – ambitious small and medium sized businesses that want to scaleup across the UK.
This scheme is designed to support UK based small and medium-sized businesses, with a turnover of up to £45 million, who have a viable business proposition but are facing challenges as a result of the Covid-19 outbreak.
Commenting on the CBILS funding, Nick Fahy, CEO of Cynergy Bank said:
“As long-time advocates of ambitious businesses that have the capability and desire to scaleup, we want to be able to support them through the good times and the bad. Scaleup business will drive the economic recovery post Covid-19 and they often don’t get the service they need from the retail divisions of the big banks but want more than an app-based approach from the neo-banks.”
“We are already actively working through loans of over £100 million through swift operationalisation of our CBILS scheme, and we are delighted to have the additional government backed lending guarantee so we can assist more viable scaleup businesses who are struggling because of the current economic downturn.
“We stand ready to support customers across the UK and we expect the loans we advance to be in the range of one million to five million pounds. We put relationships at the heart of all that we do and with our new funding for CBILS lending we can continue to be there for those that need extra support during these challenging times.”