White Oak passes £270m in CBILS lending as allocation limit is increased
Independent business lender White Oak has successfully provided over £270m through the Coronavirus Business Interruption Loan Scheme (CBILS) to support UK SMEs through the pandemic.
The milestone comes as the British Business Bank increased White Oak’s lending allocation under the terms of the scheme, allowing it to continue supporting UK SMEs up to the application deadline on 31 March.
Delivered through British Business Bank accredited lenders, CBILS is designed to support the continued provision of finance to UK smaller businesses (SMEs) during the COVID-19 outbreak.
The scheme enables lenders to provide facilities of up to £5m to smaller businesses across the UK who are experiencing lost or deferred revenues, leading to disruptions to their cashflow.
Since White Oak was accredited under CBILS in May 2020, it has provided tailored finance solutions for over 1,350 businesses with loans paid out from £75,000 to £750,000; this includes £73m to companies in the construction and manufacturing sectors, £64m to solicitors and business support services and £27m to retailers and wholesalers.
Under the CBILS scheme, interest is covered by the government for 12 months, and White Oak customers can additionally benefit from a payment holiday of up to 12 months.
Andy Davies, managing director of White Oak Leases & Loans, said: “Over the past year, we are very pleased to have been able to provide essential support to businesses across the UK as they weathered the challenging environment brought on by the pandemic.
“With the UK’s economy set to bounce back this year, we believe that this increase in our lending allocation will not only allow us to continue providing a lifeline for businesses but also help them to grow and thrive.”
Andre A. Hakkak, chief executive officer and co-founder of White Oak Global Advisors, LLC, said: “It has been a difficult time for our customers around the world, and we’re proud to have provided this critical CBILS funding to SMEs across the UK.
“As a company, White Oak has supported UK businesses since 1986, and we look forward to continuing our partnerships with large and small companies as they endure the adversity of the pandemic and look to future growth.”