Cynergy Bank lends a total of £317m through the CBILS
By Joy Dumasia
Cynergy Bank has successfully loaned over £317m to SMEs through the British Business Bank’s Coronavirus Business Interruption Loan Scheme (CBILS). Across 157 loans, 82 were for existing customers (£127.430m) and 75 for new clients (£189.661m), which supported businesses across the UK, including many in the property, hospitality, and healthcare sectors.
Delivered through British Business Bank accredited lenders, CBILS was designed to support the continued provision of finance to UK smaller businesses (SMEs) during the Covid-19 outbreak. The scheme enabled lenders to provide facilities of up to £5m to SME’s across the UK who were experiencing cash flow difficulties due to the pandemic or those that wanted to invest in their businesses.
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 process, reducing the need for paper-based processes. Overall, Cynergy Bank provided funding across several asset classes, including Property Investment and Commercial Banking, within which Hospitality and Healthcare accounted for almost half.
Nick Fahy, Chief Executive Officer at Cynergy Bank, said: “Lending £317m in CBILS is a huge accomplishment, and we are extremely proud to announce our final CBILS figures. The pandemic has been challenging for many SME’s, but I am delighted we were able to provide much-needed capital injections when our customers needed them the most while also making the experience as seamless as possible with our digital application process and relationship-driven services. I am extremely proud of the team who have managed, in extremely difficult times during the pandemic, to both support SME’s and continuing to help the Bank grow.”
IBS Intelligence also reported that Cynergy Bank announced that it had disbursed £130m to SMEs through the British Business Bank’s Coronavirus Business Interruption Loan Scheme (CBILS). Further facilities are being submitted for approval. Cynergy Bank is expecting to further increase its lending to SMEs under the scheme.
IBSi Prime News
January 21, 2022
British Business Bank
The Weekly Wrap: all you need to know by Friday COB | Jan 21stRead More
- Daily insightful news analysis
- Weekly snapshots of industry deals, events & insights
- Sectoral deep dives on the hottest FinTech trends
- Exclusive interviews featuring c-level executives who are shaping the industry
- Profiles of the most influential established and emerging companies in the sector
- Weekly global FinTech use cases
- Chart of the Week curated by IBSi’s Research Team
IBSi FinTech Journal
- Most trusted FinTech journal since 1991
- Digital monthly issue
- 60+ pages of research, analysis, interviews, opinions, and rankings
- Global coverage