Independent business lender White Oak has announced that it has successfully distributed over £200m of loans to SMEs since its accreditation to CBILS.
Since the lender was accredited to the CBILS in May, it has provided tailored finance solutions for over 1,000 businesses with loans paid out from £75,000 to £750,000, and the ability to lend up to £5m under the terms of the CBILS scheme.
The pace of lending has increased in the build up to the end of the year with £30 million being lent in just one week.
White Oak’s fast and flexible funding has allowed it to partner with a wide range of businesses to help them grow, including; £34m to companies in the construction and manufacturing sectors; £53m to solicitors and business support services; and £17m to retailers and wholesalers.
With offices in London, Glasgow, Southampton, Manchester and Ewloe in Wales, White Oak benefits from national coverage, and its almost 200 UK-based professionals have approved loans for SMEs and mid-sized corporates around the country with 80% lent to SMEs outside of London.
White Oak has recently announced that for the first time in the lender’s history, it has hit a loan book of £250,000,000 and since then, the book has already surpassed £300m. White Oak is set to continue providing valuable support to SMEs and mid-sized corporates through the crisis, with ambitions to lend up to £300m before the scheme closes for new applicants on 31st January 2021.
Andy Davies, Managing Director of Leases & Loans at White Oak, said: “We recognise that no two businesses are the same, and it’s great to see that our hard-working team are able to provide flexible and tailored funding solutions to SMEs across the UK. The CBIL Scheme provides support to businesses affected by the Covid-19 pandemic, and at White Oak we are proud to be a partner for these businesses as they navigate the changing business landscape and look to the growth opportunities ahead.”