Cynergy Bank lends over £130M in Coronavirus Business Interruption Loan Scheme (CBILS) loans
London - March 31, 2021 - Cynergy Bank reached a significant milestone in February, lending over £130m to SMEs through the British Business Bank’s Coronavirus Business Interruption Loan Scheme (CBILS), with further facilities being submitted for approval, Cynergy Bank is expecting to further increase its lending to SMEs under the scheme.
Delivered through British Business Bank accredited lenders, CBILS 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.
The bank was able to assist both existing and new customers, with 57% of loans going to existing customers and 43% to new customers. To elevate the digital banking experience for customers during this time, Cynergy Bank adopted the nCino Bank Operating System which sped up and supported the SME lending process, reducing the need for paper-based processes.
Overall, we were able to provide funding across a number of asset classes including Property Investment and Commercial Banking within which Hospitality and Healthcare accounted for almost half.
Ravi Sidhoo, Managing Director Banking Distribution at Cynergy Bank commented: “We are pleased to announce this significant lending milestone as it demonstrates our support for SME’s at what has been an unprecedented time. We were able to provide much needed monetary injections to so many businesses, while also making the experience as seamless as possible with our digital application process and relationship managed service. The pandemic has been challenging for many SMEs, but we are delighted that we have been able to help robust and solid businesses survive and thrive through CBILS.”
The Coronavirus Business Interruption Loan Scheme (CBILS) is managed by the British Business Bank on behalf of, and with the financial backing of the Secretary of State for Business, Energy and industrial Strategy (BEIS).