SME lender White Oak says it has hit a loan book of £250,000,000 for the first time in its history. White Oak says this is a significant milestone for the Loans & Leases business with the lender distributing over £120 million of loans to SMEs since its accreditation to the Government’s Coronavirus Business Interruption Loan Scheme (CBILS).
White Oak has an office in Glasgow and has also distributed over £5.5 million in CBILS loans to Scottish firms over the course of the coronavirus pandemic. White Oak states that it has approved loans for SMEs and mid-sized corporates around the country with 79% lent to SMEs outside of London.
White Oak provides business loans, equipment finance, and asset-based lending solutions to SMEs and mid-corporate clients across the UK.
Since the company was accredited as a CBILS lender it has supported 580 businesses with loans paid out from £75,000 to £750,000, with the ability to lend up to £5 million.
White Oak expects to lend £180 million before CBILS closes for new applicants on January 31, 2021.
White Oak reports that it has marked the milestone with a £5,000 donation to School of Hard Knocks, the lender’s chosen charity partner which delivers life-changing programs to children and adults using high impact sport and mentoring.
Andy Davies, Managing Director of Leases & Loans at White Oak UK, said:
“We are also pleased to have passed this milestone and this reflects the dedication the team has shown our clients. We are always looking to support businesses that can drive our economy back to growth and are very happy that as a CBILS-accredited lender we have been able to do that. We are so proud to also be able to give something back and support the fantastic work of the School of Hard Knocks and we are looking forward to continuing this partnership.”