Cynergy Business Finance (CBF), the asset-based lending arm of Cynergy Bank, 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.
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’s 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 more than 147 businesses. The launch of block discounting reflects its commitment to diversify its product range, enabling it to support a broader range of businesses.
“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,” Andrew Krauza, head of block discounting at Cynergy Business Finance, said. “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.”
