back Back

Cynergy Bank lends over £130M to UK SMEs in CBILS loans

By Megha Bhattacharya

March 31, 2021

Share

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.

Previous Article

March 31, 2021

ForumPay and Sionic partner to offer crypto-to-fiat gateway services in the U.S.

Read More
Next Article

March 31, 2021

German FinTech Mambu selects Raisin Pension for employees

Read More






IBSi Daily News Analysis

cybersecurity,

June 20, 2024

Why predictive AI is a critical necessity in the field of cybersecurity

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

June 19, 2024

Dineo Crédito taps Mambu to bolster lending capabilities in Spain

Read More

June 17, 2024

Mastercard taps Thought Machine to advance its core banking capabilities

Read More

June 14, 2024

Avaloq & Comyno team up to launch securities financing solution

Read More

Related Reports

Sales League Table Report 2024
Know More
Global Digital Banking Vendor & Landscape Report Q1 2024
Global Digital Banking Vendor & Landscape Report Q1 2024
Know More
Wealth Management & Private Banking Systems Report Q1 2024
Wealth Management & Private Banking Systems Report Q1 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
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 2023