White Oak records highest ever monthly lending figures in March
White Oak recorded its highest ever monthly lending figures in March, with upwards of £70m provided to 724 UK small to medium enterprises (SMEs).
This includes £58m provided from its own book; 31 March was its highest day of lending ever, with £9m lent from its own book.
The record month capped off a strong Q1 for White Oak, boosted by demand for CBILS loans before the scheme came to a close, as it passed £161m total lending to businesses, including £130m from its own book.
White Oak provided £44m to companies in the construction and manufacturing sectors, £35m to solicitors and business support services and £13m to retailers and wholesalers.
Regionally, it lent £21m to companies in the North West, £3m to companies in the North East, £25m to companies in the South East, £10m to companies in the South West, £22m to companies in the Midlands, and £16m to companies in Scotland.
After being accredited as a CBILS lender in May 2020, White Oak lent over £325m to 1,593 businesses under the scheme, with loans paid out from £75,000 to £750,000.
White Oak’s CBILS lending allocation was increased by the British Business Bank at the start of March, which offered increased capacity to support SMEs up to the end of the scheme.
Andy Davies, managing director of White Oak Leases & Loans, said: “We are very pleased to have been able to provide this essential support to businesses as they weathered a difficult quarter and continuing pandemic restrictions.
“With the UK’s economy set to bounce back over the coming months, we are confident that this record lending will help SMEs around the country to drive the economic recovery as restrictions are eased.”
Andre A Hakkak, chief executive officer and co-founder of White Oak Global Advisors, added: “Our customers around the world are looking positively towards recovery this year, and we’re proud to have provided this critical funding to SMEs across the UK as they begin to gear up for the economic rebound.
“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 look to future growth.”