British Business Bank agrees initial £75m ENABLE Guarantee with Cynergy Bank
The British Business Bank has agreed an initial £75m 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.”