back Back

Cynergy Bank lends a total of £317m through the CBILS

By Joy Dumasia

October 22, 2021

  • British Business Bank
  • CBIL
  • Cynergy Bank
Share

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.

Previous Article

October 21, 2021

Clausematch policy portal is now streamlining compliance for 90,000 Barclays employees

Read More
Next Article

October 22, 2021

Archax completes the $1.5m funding raise for Montis Digital

Read More










IBSi Daily News Analysis

FinTech, future, trends

December 08, 2022

British Business Bank

Here’s how the FinTech landscape looks like for 2023

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

Today

C6 Bank selects Thought Machine’s Vault Core to power the innovation of financial services

Read More

December 08, 2022

Swiss Digital Bank Alpian goes live on Temenos Banking Cloud

Read More

December 08, 2022

Arab National Bank leverages Confluent to advance collaboration with FinTechs in Saudi Arabia

Read More

Related Reports

Sales League Table Report 2022

£1,500.00 / year

Know More
Global Digital Banking Vendor & Landscape Report Q3 2022

£1,500.00 / year

Know More
Wealth Management & Private Banking Systems Report Q3 2022

£1,500.00 / year

Know More
Global Transaction Banking Vendors and Landscape Report Q3 2022

£1,500.00 / year

Know More
Treasury & Capital Markets Systems Report Q3 2022

£1,500.00 / year

Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2022