Cynergy Bank Lends a Total of £317m in Coronavirus Business Interruption Loan Scheme (CBILS) Loans

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 to 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 cashflow 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 were able to provide funding across a number of 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 commented: “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.”