British Business Bank backs £75 million loans for property SMEs

The British Business Bank has agreed to back a portfolio of loans for small businesses within the commercial property sector with Greater Manchester-based Cynergy Bank.

The initial ENABLE Guarantee will cover £75 million of lending, with the potential to be increased to £150 million, boosting the challenger bank’s lending capacity to SMEs by up to £70 million.

Cynergy Bank launched in 2018 with the specific aim of serving the finance needs of business owners, property entrepreneurs and family businesses. Based in Manchester City Centre, the bank is also a partner on the British Business Bank’s previous government-backed Coronavirus Business Interruption Loan Scheme (CBILS) and Recovery Loan Scheme (RLS) programmes.

Reinald de Monchy, Managing Director, Guarantee and Wholesale Solutions, British Business Bank, said:

“One of the British Business Bank’s key aims is to increase the diversity of funding suppliers for smaller businesses. We are therefore pleased to welcome this new ENABLE Guarantee facility with Cynergy Bank, a growing specialist bank in this sector, and continue our strong relationship with them as a lender.”

Nick Fahy CEO of Cynergy Bank, said:

“SMEs are the life blood of the British economy, it’s important to ensure their needs are met in order to help them grow and flourish, but it’s also vital to ensure they have the right support during uncertain times. This is why Cynergy Bank is proud to partner with the British Business Bank on the Enable Guarantee which will provide more certainly to small businesses especially during challenging times.”