Oxbury reaps £100m British Business Bank boost
The British Business Bank has agreed to guarantee an existing portfolio of Oxbury loans, helping the agricultural-focused bank increase its lending
Oxbury, the neobank focused on farming and agriculture, has secured a £100m guarantee against an existing pool of loans from the British Business Bank.
The deal, which comes via the BBB’s ‘Enable’ programme, will free up Oxbury to originate a further £45m of lending.
“As the UK’s only dedicated agriculture bank Oxbury is on a mission to help farmers and food producers address the twin challenges of food security and the transition to low-carbon nature-friendly production,” said Tim Coates, co-founder and chief customer officer at Oxbury Bank said.
“Our relationship-led approach, enabled by our proprietary Oxbury Earth Agtech banking platform, is essential in serving the needs of the small and medium businesses that are the lifeblood of this crucial part of the British economy,” he added.
Chester-based Oxbury is nearing its third birthday having launched in early 2021 amid the the pandemic.
Since then its lending book has swelled to £750m in total committed and in-progress lending, alongside £1bn in savings deposits from farm businesses and consumers. It reached break-even profitability earlier this year.