White Oak finishes CBILS scheme with close to £400m lent to SMEs
White Oak has reported successfully providing £396.6m through the Coronavirus Business Interruption Loan Scheme (CBILS) to support UK small to medium enterprises (SMEs) through the pandemic.
Demand for CBILS was strong right until the 31 March application deadline, with White Oak paying out £80m across April and May.
Record demand across all products has seen White Oak’s 2021 loan book reach £500m for the first time.
The highest day of lending on record was 31 March, with £9m provided from its own book, whilst March saw record monthly figures, with £70m in lending provided to 724 SMEs.
Since White Oak was accredited under CBILS in May 2020, the lender has provided solutions for more than 2,200 businesses, with loans paid out ranging from £75,000 to £750,000.
These businesses are spread across a range of sectors; £109.2m went to the construction and manufacturing sectors, solicitors received over £56.5m, and more than £38.3m went to retailers and wholesalers.
White Oak provided over £315m of support to businesses outside of London, with the most (£55.9m) going to companies in the North West, while companies in the Midlands received £53.5m.
Other regional allocations included £52.3m to companies in the South East, £23.4m to companies in the South West, and £23.6m to companies in Scotland.
Andy Davies, managing director of White Oak Leases & Loans, said: “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 beginning to recover, we are confident that this record lending will help SMEs around the country to drive the economic recovery.
“We are also looking forward to increasing support for SMEs as they continue to finance business growth through asset finance and other lending products.”
Andre Hakkak, chief executive and co-founder of White Oak Global Advisors, added: “Undoubtedly, it has been a challenging time for our customers around the world, and we’re proud to have provided this crucial CBILS funding to SMEs around the UK.
“As a firm, we have supported UK businesses for over 30 years, and we look forward to continuing our partnerships with businesses across the country.”