Independent business lender White Oak UK has distributed over £50m of loans to SMEs throughout the Covid-19 crisis, as part of the Government’s Coronavirus Business Interruption Loan Scheme (CBILS).

The company was accredited as a CBILS lender in early May and quickly mobilised to support over 300 business with loans paid out from £75,000 to £750,000, with the ability to lend up to £5m.

The company’s cross sector expertise has provided financial support to a wide range of businesses throughout the pandemic, including:

  • £14m to companies in the construction and manufacturing sectors
  • £12m to solicitors and business support services
  • £6m to retailers and wholesalers

At a time when fast capital has been essential to the survival of SMEs, White Oak UK accessed funding from its own balance sheet and external funders to minimise red tape and provide capital. Under CBILS, interest is covered by the Government for 12 months, and additionally, White Oak UK customers can benefit from a payment holiday of up to 12 months, enabling them to recover from the crisis without the immediate financial burden of repayments.

White Oak UK is set to continue providing valuable support to SMEs and mid-sized corporates through the crisis, and has ambitions to lend £200m before the scheme closes on 30 September 2020.

Andy Davies, managing director of leases & loans at White Oak UK, said: “The financial support provided to SMEs, backed by the British Business Bank, has been critical to the survival of thousands of businesses across the UK. We’re passionate about helping SMEs through the good times and the bad and stand ready to help more companies secure the vital support provided by the Government’s CBILs scheme.”

Andre Hakkak, chief executive officer and founder of White Oak Global Advisors, added: “We are proud to have quickly mobilised over £50m in financial support to SMEs who are the economic engine of the British economy. For over three decades, White Oak UK has worked with dynamic businesses to provide them with the strongest platform for growth. Now, with the unprecedented challenge created by pandemic, we have redoubled our commitment to helping more businesses make, build and grow their way back to prosperity.”

Earlier this year, White Oak Commercial Finance revealed it has funded over $600m (£486m) in credit facilities in 2019. The business has also funded over $300m (£243m) year-to-date to diversified enterprises in North America, the UK, Europe, and Australia.

Andy McGhee, vice-chairman of White Oak Commercial Finance, said: “Collectively, these deals demonstrate White Oak’s breadth of expertise across industries, and ability to nurture long-term engagements with a growing suite of financing solutions.

“The firm’s deep client and partner relationships allowed us to successfully fund companies in a variety of markets and business cycles.”