CYNERGY Business Finance (CBF), the asset-based lending (ABL) arm of Cynergy Bank, has surpassed £200m in funding for UK small and medium-sized enterprises (SMEs) since its launch in September 2021.
With operating offices in London, Birmingham, Manchester and Edinburgh, CBF provides individual facilities of between £300k and £20m to ambitious SMEs across the UK. Dedicated to providing customised and versatile solutions, CBF provides funding in support of a business’s receivables, plant & machinery, inventory, and property. A new block discounting solution was also launched earlier this year.
Having launched only 18 months ago, CBF has already established itself as an important ABL provider in the market, supporting over 127 businesses to-date. As an example, Esselle Retail Limited, a leading home furnishings brand, benefitted from a funding facility to help it further strengthen its position in the market.
Many facilities have been provided to businesses that have strong environmental principles, including Etesian Green, that focuses on micro, off-grid, wind and solar power, Puredrive who are pioneering the storage options of solar power and Ecoserv, who provide sustainable facility management services.
Supporting acquisitions has been a strong theme with many opportunities supported, including 250-year old trading fabric maker MacNaughton and specialist lubricant manufacturers Midland Oil and Rods Oils.
To help support CBF’s growth it has employed many new colleagues over the last year, now having a team of diverse, experienced and dedicated people.
Dave Golding, Managing Director at Cynergy Business Finance, said: “The CBF team has continued to work tirelessly to support innovative businesses across the UK to scale and grow their operations. This latest milestone further evidences our commitment to working with a variety of different businesses, no matter the sector or level of maturity. It also showcases the extensive expertise and dedication of our team in delivering on this commitment.”
“As the UK continues to face a variety of different challenges, supporting SMEs with the funding to adapt to changing market conditions and seize new opportunities should remain a priority. With the flexibility that ABL provides to businesses, we’re confident that such funding can help SMEs to scale and, ultimately, help to push forward the wider economy. At CBF, we’re excited to partner with likeminded businesses to help achieve this collective aim.”
