"We are delighted to begin offering asset based lending products which will assist SMEs' growth, post pandemic and beyond."
Cynergy Bank has developed an asset based lending offering for SME businesses that want to scale up and grow.
It will provide between £200,000 and £20,000,000 to businesses borrowing against business assets such as receivables, plant & machinery, inventory and property 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, CEO of Cynergy Bank, commented: “We are delighted to begin offering asset based lending products which will assist SMEs' 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 team’s significant expertise and experience will be instrumental in creating the best products for our clients.”