White Oak, an alternative lender serving UK businesses, says it has surpassed £270 million in CBILS lending while receiving an increased allocation of by the British Business Bank. CBILS, or Coronavirus Business Interruption Loan Scheme, is one of a series of government programs designed to backstop the UK economy that has been hammered by the COVID-19 health crisis. Borrowers may receive up to £5 million in credit in government-guaranteed loans. CBILS has an application deadline of March 31, 2021.
Andy Davies, Managing Director of White Oak Leases & Loans, said that over the past year they have been pleased to have provided essential support to UK SMEs.
“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,” said Davies.
Andre A. Hakkak, Chief Executive Officer and Co-Founder of White Oak Global Advisors, LLC, added that it has been a difficult time for their customers and they look forward to continuing their partnerships with large and small companies as they “endure the adversity of the pandemic and look to future growth.”