Cynergy Bank announces asset loans to SMEs
Cynergy Bank has launched an asset-based loan offer for SMEs wishing to grow and develop after the pandemic, alongside the appointment of a new team.
The bank, created in 2018 by entrepreneurs to meet the needs of business owners, real estate entrepreneurs and family businesses, seeks to supply small and medium-sized businesses with between £ 200,000 and £ 20,000,000.
Borrowing on business assets such as receivables, plant and machinery, inventory and property can provide a “flexible, fast and efficient way to seek new business opportunities,” says Cynergy Bank, for a number of purposes. different, including growth, acquisition, turnaround and expansion. .
In addition to receivables, future offers will include cash loans and provide complementary proposals for the export / import and construction sector.
Nick Fahy, Managing Director of Cynergy Bank, said in a statement: “We are delighted to begin offering asset-based lending products that will help the growth of SMEs, post-pandemic and beyond.
“Access to low-cost government-backed finance and other financial support programs played an important role in supporting SMEs during the pandemic; however, this support will end soon. Asset Based Lending is ideally placed to support businesses, as the flexibility of the products offered allows banks to react and respond to an ever-changing economic landscape.
The new offering for SMEs 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 lending and to businesses.
Fahy added, “The significant expertise and experience of the new team will be instrumental in creating the best products for our customers.