cynergy bank

Cynergy Bank lends £100m to care home sector

Cynergy Bank has announced it funded approximately £100m of loans to care home businesses since June 2021, with £60m approved in 2022 alone.

The funding was provided to support a range of activities, from refurbishing existing assets to refinancing.   

Some of the loans completed by the bank include a £2m CBILS loan to the Rhencullen Care Group and a £2.5m funding package to Vicarage Nursing Home, a family-run, 50-bed specialist dementia care facility near Shrewsbury, Shropshire.

Nick Fahy, CEO at Cynergy Bank (pictured above), said: “The pandemic has resulted in difficult times for many businesses, but care homes have had a particularly rough time.

“Unlike state-run NHS hospitals, care homes are, for the most part, privately owned and funded by way of residents’ fees.

“Some financial support is provided by local authorities; however, this is on a means-tested basis and as occupancy levels fall, so does this funding. 

“At Cynergy Bank, we are proud of the support we have given to this important sector responsible for the care of elderly and vulnerable individuals across the country.” 

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