Exclusive: OakNorth allocated £160m more of government-backed loans

By Daniel Lanyon on Friday 22 May 2020

Alternative Lending

The bank, which has concentrated on the SME space in terms of lending, started lending government-backed funds earlier in May.

Exclusive: OakNorth allocated £160m more of government-backed loans
Image source: OakNorth

OakNorth has been allocated a new tranche of cash to lend to cash-strapped firms hit by the coronavirus pandemic from government coffers. 

The London-based lender was one of the first fintech firms to receive accreditation from the British Business Bank. It also was a public critic of some the early delivery of the Chancellor Rishi Sunak’s  £330bn economic stimulus package to help British businesses survive the coronavirus-related economic turmoil.

These schemes include the Coronavirus Business Interruption Loan Scheme (CBILS), Coronavirus Large Business Interruption Loan Scheme (CLBILS) and, most recently, the Bounce Back Loans (BBL).

The bank has been allocated a further £160m from the British Business Bank. This made up of £100m for CBILS and an initial allocation of £60m for CLBILS. 

The latest numbers suggest that overall UK lenders have lent out over £22bn in government-backed loans to more than half a million firms.

You can find an updated guide to all of the fintech lenders offering government-backed CBILS, CLBILS or Bounce Back loans here in this handy overview.

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