By Aisling Finn on Friday 2 October 2020
Of the loans the alternative lender has facilitated, over 80 per cent went to SMEs outside of London.
SME lender White Oak has facilitated over £100m worth of CBILS loans to coronavirus-hit SMEs.
The alternative lender has supported more than 580 small and medium businesses across the UK, with 80 per cent of its loans going to SMEs outside of London.
The news comes just shy of a month after the lender more than doubled its lending capacity having been given the green light by the British Business Bank and a £150m pot of fresh capital from Barclays Bank.
Andy Davies, managing director of Leases and Loans at White Oak UK, said: “The CBILS scheme has provided vital financial support to thousands of businesses and has been critical for managing cashflow.”
“SMEs are the backbone of the British economy and we are thrilled to be able to provide them with the help they need through these challenging times. As an independent lender, we’re playing a vital role to play in ensuring that financial support is delivered to those that need it.”
Through the CBILS scheme, White Oak has provided £27m worth of loans to companies in the construction and manufacturing sectors, £27m to solicitors and business support services and £9m to retailers and wholesalers.
Andre A. Hakkak, CEO and co-founder of White Oak Global Advisors, LLC, added: “We are very pleased with how quickly we’ve been able to provide over £100m in financial support to the SMEs who need it as we all look to build for the future.”
“We’re passionate about working together with businesses which are looking for growth. The pandemic has only strengthened our resolve and we are now more committed than ever to supporting businesses to recover, grow and prosper.”
To date, alternative lenders and banks have dished out over $57bn worth of loans in the CBILS, Coronavirus Large Business Interruption Loan Scheme (CLBILS) and Bounce Back Loans and £720m has been given out from the fintech-friendly Future Fund convertible loan scheme.
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