White Oak, a UK provider of asset finance, has announced that it has distributed over £200m of loans to SMEs since its accreditation to coronavirus business interruption loan scheme (CBILS).
Since the lender was accredited to the CBILS by the British Business Bank in May, it has provided tailored finance solutions for over 1,000 businesses with loans paid out from £75,000 to £750,000, and the ability to lend up to £5m under the terms of the CBILS scheme.
The pace of lending has increased in the build-up to the end of the year with £30 million being lent in just one week.
White Oak’s fast and flexible funding has allowed it to partner with a wide range of businesses to help them grow, including:
- £34m to companies in the construction and manufacturing sectors
- £53m to solicitors and business support services
- £17m to retailers and wholesalers
The business’s almost 200 UK-based professionals have approved loans for SMEs and mid-sized corporates around the country with 80% lent to SMEs outside of London.
White Oak has recently announced that for the first time in the lender’s history, it has a loan book of £250,000,000 and since then, the book has already surpassed £300m.
White Oak has ambitions to lend up to £300m before the scheme closes for new applicants on 31 January 2021.
Andy Davies, managing director of leases and loans at White Oak, said:
“We recognise that no two businesses are the same, and it’s great to see that our hard-working team can provide flexible and tailored funding solutions to SMEs across the UK.
“The CBIL Scheme provides support to businesses affected by the Covid-19 pandemic, and at White Oak we are proud to be a partner for these businesses as they navigate the changing business landscape and look to the growth opportunities ahead.”
Andre A. Hakkak, chief executive and co-founder of White Oak Global Advisors, LLC: “It has been a challenging and unpredictable year for our customers around the world, and we’re proud to provide this essential CBILS funding to SMEs in the UK. As a company, White Oak has been funding UK businesses since 1986, and we look forward to continuing to support both large and small companies as they grow in 2021 and beyond.”