Independent business lender White Oak has announced that it has successfully provided over £270m through the Coronavirus Business Interruption Loan Scheme (CBILS) to support UK SMEs through the pandemic.
The milestone comes as the British Business Bank increased White Oak’s lending allocation under the terms of the scheme, allowing it to continue supporting UK SMEs up to the application deadline on 31st March.
Delivered through British Business Bank accredited lenders, CBILS is designed to support the continued provision of finance to UK smaller businesses (SMEs) during the Covid-19 outbreak. The scheme enables lenders to provide facilities of up to £5m to smaller businesses across the UK who are experiencing lost or deferred revenues, leading to disruptions to their cashflow.
Since White Oak was accredited under CBILS in May 2020, it has provided finance solutions for over 1,350 businesses with loans paid out from £75,000 to £750,000.
White Oak’s fast and flexible funding has allowed it to partner with a wide range of businesses including; £73m to companies in the construction and manufacturing sectors; £64m to solicitors and business support services; and £27m to retailers and wholesalers.
Andy Davies, Managing Director of White Oak Leases & Loans, said: “Over the past year, we are very pleased to have been able to provide essential support to businesses across the UK as they weathered the challenging environment brought on by the pandemic. With the UK’s economy set to bounce back this year, we believe that this increase in our lending allocation will not only allow us to continue providing a lifeline for businesses but also help them to grow and thrive.”