UK-based independent lender White Oak has completed a securitisation deal with Barclays Bank, with funds earmarked for SMEs across the UK via asset finance solutions.

White Oak will use the facility to enable SMEs and mid-sized corporates to invest in their business, the non-bank SME lender said in a statement.

This comes as the UK Government implements several measures to encourage businesses to invest, including the Super Deduction which allows businesses to cut their tax bill by up to 25p for every £1 they invest.

The company, which has a balance sheet of around £500m, said it will deploy support across a range of sectors including agriculture, manufacturing, and construction.

The specialist asset finance securitisation facility is the second the business has put in place with Barclays following a £150m CBILS securitisation facility in September last year.

Daniel Werchola, chief strategy officer at White Oak Europe, said:

“Having focused on supporting SMEs and mid-corporates through the pandemic with both CBILS and our traditional lending products, we now see a great opportunity to support the UK economic recovery by further deploying capital into asset finance products for our customers alongside our loan products. We are pleased to have worked with Barclays on this transaction, which will support our continued growth.”

Doug Banks, treasurer at White Oak Europe, said:

“We are pleased to have successfully executed another significant transaction with Barclays, working together to develop this specialist facility. This adds another securitisation to our diverse funding mix that allows us to efficiently deploy funds into the SME and mid-corporate market.”

White Oak secures £150m from Barclays to double SME lending