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White Oak loan book passes £500m

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Independent business lender White Oak has reached a loan book milestone of £500m.

 

This milestone has been reached for the first time in the lender’s history, after it surpassed the £250m mark at the end of last year.

Earlier this year, White Oak passed £161m total lending to businesses, including £130m from its own book in Q1.

White Oak supported 2,200 UK small to medium enterprises (SMEs) through the pandemic, with loans totalling over £351m, a record breaking figure for the lender.

Through the Coronavirus Business Interruption Loans Scheme (CBILS), White Oak provided over £315m of support to businesses outside of London, with £56m going to companies in the North West, and £54m to those in the Midlands.

This follows White Oak’s announcement that it has allocated £275m in lending to sectors and regions across the UK as it looks to spur the economic recovery of SMEs.

Andy Davies, managing director of White Oak Leases & Loans, said: “This £500m milestone demonstrates the support we’ve been able to provide to businesses up and down the country throughout this difficult year.

“We are incredibly proud of our team who have been instrumental in achieving this result and look forward to continuing to support SMEs as we transition out of the pandemic.”

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