Cynergy Bank announces Asset Based Lending to SME businesses

Cynergy Bank has launched an Asset Based Lending offering for SME businesses that want to scale up and grow following the pandemic, alongside the appointment of a new team.

The bank, established in 2018 by entrepreneurs to serve the needs of business owners, property entrepreneurs and family businesses, is looking to provide small to medium businesses with between 200,000 and 20,000,000 pounds.

Borrowing against business assets such as receivables, plant and machinery, inventory and property can provide a “flexible, fast and efficient way to pursue new business opportunities,” explains Cynergy Bank, for a number of different objectives including growth, acquisition, turnaround and expansion.

Along with receivables, future offerings will include cash flow loans and provide complementary export/import and construction sector propositions.

Nick Fahy, chief executive of Cynergy Bank, said in a statement: “We are delighted to begin offering asset based lending products which will assist SME’s growth, post-pandemic and beyond.

“Access to government-backed low-cost finance and other financial support schemes, has played a significant part in supporting SMEs during the pandemic; however, this support will soon come to an end. Asset Based Lending is uniquely placed to support businesses, as the flexibility of the products offered allows banks to react and respond to the ever- changing economic landscape.”

The new SME offering is launched alongside a new Asset Based Lending leadership team, including Dave Golding, Ted Winterton, Dan Burton, and Paul Fraser, who have more than 85 years of collective experience in commercial and corporate lending between them.

Fahy added: “The new team’s significant expertise and experience will be instrumental in creating the best products for our clients.”