Cynergy Bank is pleased to announce that it has been accredited for the Recovery Loan Scheme, and it will begin offering it to customers from 19 May 2021. This follows accreditation under the Coronavirus Business Interruption Loan Scheme (CBILS) where Cynergy Bank supported 152 medium sized-business customers with £313m of approved lending.
Launched on 6 April 2021, the Recovery Loan Scheme (RLS) supports access to finance for UK businesses as they recover and grow following the Coronavirus pandemic.
Cynergy bank will now provide extra financial support for medium sized businesses across the UK, and the scheme will be open to both existing and new business customers.
This scheme is designed to support UK based businesses with loans of up to £10million. As the bank that focusses on business owners, entrepreneurs and family businesses, Cynergy Bank has specific expertise and knowledge to provide banking solutions required whatever the economic circumstances. Cynergy Bank is currently offering term loan and overdraft facilities from 25,001 to £10m through the scheme.
Commenting on Cynergy Bank’s accreditation for the Recovery Loan Scheme, Nick Fahy, CEO of Cynergy Bank said:
“We are delighted to be included in this scheme. As long-time advocates of business owners, property entrepreneurs, family businesses and businesses that want to scale up, we want to be able to support them through the good times and the bad. Understandably, the UK and global business community is facing a challenge like none we have seen in our lifetime and we were delighted to help robust and solid businesses survive and thrive during the pandemic by offering CBILS loans. We are eager to continue supporting our business customers – this scheme will allow us to do just that.
“As the UK emerges from lockdown, businesses will be looking to invest and grow and will be looking for extra funds to do that. Our banking model blends face-to-face relationships that are enabled by the latest digital technology and with our participation in this loan scheme we can be there for those that need extra support during at this time.”
The Recovery Loan Scheme is managed by the British Business Bank on behalf of, and with the financial backing of, the Secretary of State for Business, Energy & Industrial Strategy.
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 £2.6bn 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