Search British Business Bank
Popular Search placeholder

British Business Bank agrees £100m ENABLE Guarantee transaction with Cynergy Bank

Press release 31 March 2025

The British Business Bank has agreed an ENABLE Guarantee transaction of up to £100m with Cynergy Bank PLC, to support its asset-based lending arm Cynergy Business Finance Limited expand its lending to UK small businesses.

The transaction will support Cynergy Business Finance’s invoice finance lending and is the first ENABLE Guarantee to support this asset class, further increasing the choice of debt finance options available for small to medium sized businesses.

Invoice finance plays a key role in the financing of businesses across the UK. Businesses can get early access to cash owed by customers through unpaid invoices, ensuring they can maximise their cashflow to scale up and grow.

Cynergy Bank has been supporting business owners, property entrepreneurs and family businesses in the UK with their financial needs since its launch in 2018. Cynergy Business Finance was then established in 2021.

In combination with the invoice finance facilities, Cynergy Business Finance also offers cashflow loans and other asset-based lending products such as lending secured by inventory, real estate, or plant and machinery.

Michael Strevens, Managing Director, Structured FI Solutions, British Business Bank said:

This innovative transaction, using the ENABLE Guarantee to support invoice finance lending for the first time, continues the momentum we have created in 2025 so far. Our relationship with Cynergy Bank is well-established, and we have seen their support for the UK small business sector demonstrated over the last five years through their delivery across several of our programmes. This transaction strengthens that relationship and will unlock the vital capital their customers need.

Ted Winterton, Managing Director, Cynergy Business Finance said:

Cynergy Bank has previously partnered with the British Business Bank under the Coronavirus Business Interruption Loan Scheme (CBILS), British Business Investments (BBI) and Recovery Loan Scheme (RLS) programmes. It is fantastic to build upon this strong relationship which will help Cynergy Business Finance continue to grow and support UK SMEs across the country in a wide variety of industry sectors.

Notes to editors

About the British Business Bank

The British Business Bank is the UK government’s economic development bank. Established in November 2014, its mission is to drive sustainable growth and prosperity across the UK and to enable the transition to a net zero economy, by improving access to finance for smaller businesses. Its remit is to design, deliver and efficiently manage UK-wide smaller business access to finance programmes for the UK government.

The British Business Bank’s core programmes support over £17.4bn 1  of finance to almost 64,000 2  smaller businesses.

As well as increasing the supply and diversity of finance for UK smaller businesses through its programmes, the Bank works to raise awareness of finance options available to smaller businesses. The British Business Bank Finance Hub provides independent and impartial information to businesses about finance options, featuring short films, expert guides, checklists and articles from finance providers to help make their application a success.

The British Business Bank is also responsible for administering the government’s three Coronavirus loan schemes and its Future Fund, together responsible for delivering £80.4bn in finance to 1.67m businesses. These schemes are now closed to new applications.

British Business Bank plc is a public limited company registered in England and Wales, registration number 08616013, registered office at Steel City House, West Street, Sheffield, S1 2GQ. Wholly owned by HM government, the Bank and its subsidiaries are not banking institutions and do not operate as such. They are not authorised or regulated by the Prudential Regulation Authority (PRA) or the Financial Conduct Authority (FCA). A complete legal structure chart for the group and details of each subsidiary and the programme(s) it operates (where applicable) can be found www.british-business-bank.co.uk.

The transaction described above does not constitute or imply any endorsement, warranty or recommendation by the UK government, the British Business Bank plc, its subsidiaries or any other party of Cynergy Bank or its products or services.

About Cynergy Bank

Cynergy Bank was established in 2018 by entrepreneurs to serve the needs of business owners, property entrepreneurs and family businesses. The digital-led bank has a strong track record supporting businesses that want to scale up, having provided over £4bn lending to scaling mid-market businesses across the UK, in addition to offering retail deposits to UK savers.

Cynergy Bank’s mission is to provide a truly personalised service that is delivered through face-to-face relationships, enhanced by the latest developments in fintech. This marriage of people and technology forms the backbone of the neobank’s Human Digital ethos.

As part of its continuous drive to innovate in the Human Digital space, Cynergy Bank has partnered with Google Cloud.

Cynergy Bank is a UK bank, authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Eligible deposits are protected up to a total of £85,000 by the UK Financial Services Compensation Scheme. Cynergy Bank was established following the acquisition of a UK based community bank in 2018. For more information on Cynergy Bank visit www.cynergybank.co.uk

 

Quick links

Latest news