Cynergy Bank now offering the Recovery Loan Scheme to customers
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 today. 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 £10m. 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.”
