OakNorth Bank has approved over £36m of new loans to British businesses over the last two weeks whilst it’s been awaiting CBILS approval.
In these unprecedented times, many UK businesses are in desperate need of capital to survive the next few months – for strong, viable companies, OakNorth Bank has the capabilities and expertise to provide them with loans quickly.
Ben Barbanel, Head of Debt Finance at OakNorth Bank, comments: “Growth companies are the backbone of the UK economy – their survival is essential to ensuring the UK can get back on its feet as soon as possible following this crisis. Unfortunately, due to exceptionally high demand at the clearing banks, many aren’t being able to get access to the finance they need as quickly as they need it, even if they can demonstrate they were a viable business before the crisis. We are in a fortunate position to be able to help these businesses and have been hosting several more credit committees per week than usual in order to do so. We hope to be onboarded to the CBILS very soon and will continue supporting viable UK businesses where we can in the meantime.”