Cynergy Business Finance (CBF), the asset-based lending (ABL) arm of Cynergy Bank, has launched a new block discounting product to enable independent finance providers and own-book lenders to release capital invested in customer finance agreements. The first block discounting clients were supported this month.
Offering facilities throughout the UK from £500k to £20m, CBF block discounting is a fast, secure and flexible way to raise funds against lease and hire purchase agreements.
Block discounting is a flexible approach to wholesale funding that allows independent finance companies to release capital that is tied up in existing agreements. It is a simple way to raise funds against a future income stream, allowing them to maintain good working capital and to immediately reinvest in growth by providing new finance agreements to their customers.
Since its launch in September 2021, CBF has supported over 147 businesses. The launch of block discounting reflects its commitment to diversify its product range, enabling it to support a broader range of businesses.
Andrew Krauza, head of Block Discounting at Cynergy Business Finance, said: “We want to become the funder of choice for businesses across the UK, and diversifying our product range is one of the ways we are doing that. By introducing block discounting to our suite of products, we will be able to better support businesses, enabling them to unlock cash as they grow.
“Our experienced team is committed to making the process easy for busy business owners, remaining in regular contact to provide advice, releasing funds quickly and ensuring confidentiality.”
