Cynergy Bank Launches SME Asset Based Lending Solution
(01 October 2021 – United Kingdom) Cynergy Bank has launched a new asset-based lending product specifically for Small and Medium-sized Enterprises (SMEs) to enable small businesses to scale up quickly and expand at a faster rate.
The lending product will allow businesses to borrow between £200,000 and £20,000,000 secured against business assets (i.e. receivables, inventory, machinery, etc) for objectives that promote business growth, acquisition, turnaround and expansion.
Cynergy Bank will include working capital loans and other financing facilities as part of a complete SME package.
“We are delighted to begin offering asset-based lending products which will assist SMEs' growth, post pandemic and beyond” commented Cynergy Bank CEO, Nick Fahy.
“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” he added.
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