By Daniel Lanyon on Wednesday 12 August 2020
OakNorth Bank receives additional CBILS allocation from the British Business Bank after approving over £600m in new loans since March.
OakNorth Bank has lent over £220m through the UK Government’s CBILS and CLBILS business stimulus package, according to an update from the company.
The lender has approved a total of £600m in new loans since March and says it has now received an undisclosed additional CBILS allocation from the British Business Bank.·
Ben Barbanel (pictured), Head of Debt Finance at OakNorth Bank, said: “While lockdown measures have continued to ease over the past month, things have hardly gone back to normal and there continues to be uncertainty around a potential second wave. It is with this in mind that we must continue to support experienced management teams and businesses that were viable pre-pandemic.”
“This additional allocation from the British Business Bank will enable us to continue doing that in addition to the lending we’re doing outside of the schemes. We look forward to continuing our work with the British Business Bank.”