This will cover a portfolio of term loans secured within the commercial real estate market, including the hotel and care home sectors.
The guarantee has the potential to be increased to £150m, resulting in up to £70m of additional lending capacity to small businesses.
Cynergy Bank is an existing partner of the British Business Bank, having previously been accredited as a finance provider under both the Coronavirus Business Interruption Loan Scheme (CBILS) and Recovery Loan Scheme (RLS) programmes.
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Nick Fahy, CEO at Cynergy Bank, commented: “SMEs are the life blood of the British economy— it’s important to ensure their needs are met to help them grow and flourish, but it’s also vital to ensure they have the right support during uncertain times.
“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.”
Reinald de Monchy, managing director of guarantee and wholesale solutions at British Business Bank, added: “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.”
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