Cynergy Bank Announces ABL Offering To SMEs

Cynergy Bank has announced that is has developed an asset-based lending (ABL) offering for SME businesses that want to scale up and grow, providing between £200,000 and £20m.

The new team consists of Dave Golding, Ted Winterton, Dan Burton and Paul Fraser, all based in Manchester.

Borrowing against business assets such as receivables, plant and machinery, inventory and property can be done for a host of reasons, including growth, acquisitions, turnarounds and expansions.

Along with receivables, future offerings will include cash flow loans and provide complementary export/import and construction sector propositions.

The asset-based lending leadership team, with more than 85 years of collective experience in commercial and corporate lending, is now considered "well-placed" to drive the business forward and position it as a leader in the field.

Nick Fahy, chief executive of Cynergy Bank, said: "We are delighted to begin offering asset based lending products which will assist SME's 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.

Fahy added: "The new team's significant expertise and experience will be instrumental in creating the best products for our clients."