Cynergy Business Finance (CBF), the asset-based lending (ABL) arm of Cynergy Bank, marked two years of trading with a total of 211 new customers and associated funding limits reaching £346m.
CBF was launched in late 2021 and provides tailored financing solutions to help enable ambitious UK SMEs to maximise their potential. It offers bespoke facilities from £500k to £20m working alongside a current, and growing, network of 95 advisors. CBF specialises in offering flexible finance solutions, typically lending against business assets including receivables, plant and machinery, inventory, and property.
In the last 12 months, CBF has supported 118 UK businesses – an uplift of 27%, bringing the total number of CBF customers to 211.
CBF takes a sector agnostic approach to its customers. Services is the largest growth sector for the lender with 34% of CBF’s customers operating in this sector. This is followed by manufacturing, making up 29% of the customers supported by CBF. Other sectors supported by CBF include distribution and transport, construction and retail.
Recent deals include County Durham-based Ebac, which CBF provided with a £4m facility used to fund the expansion of the business’s sustainable heat pump product, along with a £2.5m facility to Essex-based fashion supplier Beverley Hills International to accelerate growth in Asia and America.
CBF has built an experienced 42-strong team operating across the UK. They also launched a new block discounting product this year, aimed at supporting independent asset finance companies.
Dave Golding, Managing Director at Cynergy Business Finance, said: “Over the past two years, we have seen strong growth which is a testament to the team’s hard work and the trust our customers have in us. In a short period of time, we have already established ourselves as a key provider in the market, working closely with our trusted network of introducers to provide customers with the funding to help grow their businesses.
“We are seeing an increasing number of businesses taking advantage of asset-based lending to support their strategic growth plans, recognising its advantages in terms of flexibility and our holistic approach to financing. We are committed to continuing to support businesses across the UK to help unlock their growth potential.”