Cynergy Bank is pleased to announce that from today it will offer the Coronavirus Business Interruption Loan Scheme (CBILS) to new business customers, having launched the scheme for existing customers in late April 2020.
Following the British Business Bank’s announcement in April 2020 that Cynergy Bank – along with three other ‘challenger’ banks – had become part of the government’s emergency coronavirus lending, the bank has already received applications from existing customers which they are in the process of supporting and will result in over £30m in CBILS lending.
The bank will now provide extra financial support for medium sized businesses across the UK, who are not currently its customers. Cynergy Bank will typically provide loans from £1m to £5m to new customers.
This scheme is designed to support UK based small and medium-sized businesses, with a turnover of up to £45m, who have a viable business proposition but are facing challenges as a result of the Covid-19 outbreak. 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.
Commenting on the launch of CBILS, Nick Fahy, CEO of Cynergy Bank said:
“I am delighted we are now able to offer the Coronavirus Business Interruption Loan Scheme to both new and existing customers. As long-time advocates of business owners, property entrepreneurs and family businesses, 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 are eager to do our bit in supporting our business customers – this scheme will allow us to do just that.
“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 participation in this loan scheme we can be there for those that need extra support during these challenging times.”