UK-based Cynergy Bank has secured a £20 million Tier 2 capital facility from British Business Investments to boost its growth plans.
In brief:
-British Business Investments is a wholly-owned subsidiary of British Business Bank.
-The funding comes from its Investment Programme, which looks to increase access to finance for small businesses by increasing the lending capacity of challenger banks and non-bank lenders.
-With the new funding, Cynergy Bank aims to accelerate its push to become a leading “human digital” bank in the UK, with plans to facilitate more than £250 million in new-to-bank lending across the small and medium-sized enterprise (SME) and property sectors.
What does this mean?
Cynergy Bank chief executive Nick Fahy says: “This additional funding will boost growth in our business and deliver our strategic objectives over coming years, while also significantly increasing our lending capabilities for SMEs, property entrepreneurs and family businesses.”
