Cynergy Bank lends over £130M to UK SMEs in CBILS loans
By Megha Bhattacharya
Cynergy Bank announced that it has disbursed £130m to SMEs through the British Business Bank’s Coronavirus Business Interruption Loan Scheme (CBILS), with further facilities being submitted for approval, Cynergy Bank is expecting to further increase its lending to SMEs under the scheme.
The Bank stated that it was able to assist both existing and new customers, with 57% of loans going to existing customers and 43% to new customers. It had also adopted the nCino Bank Operating System for speeding up and supporting the SME lending process, reducing the need for paper-based processes.
Ravi Sidhoo, Managing Director Banking Distribution at Cynergy Bank commented, “We are pleased to announce this significant lending milestone as it demonstrates our support for SMEs at what has been an unprecedented time. We were able to provide much needed monetary injections to so many businesses, while also making the experience as seamless as possible with our digital application process and relationship managed service. The pandemic has been challenging for many SMEs, but we are delighted that we have been able to help robust and solid businesses survive and thrive. through CBILS.”
Delivered through British Business Bank accredited lenders, CBILS is designed to support the continued provision of finance to UK smaller businesses (SMEs) during the Covid-19 outbreak. The scheme enables lenders to provide facilities of up to £5m to smaller businesses across the UK who are experiencing lost or deferred revenues, leading to disruptions to their cashflow.
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