London-based digital lender White Oak has facilitated loans worth £400 million to SMEs impacted by the pandemic under the Coronavirus Business Interruption Loan Scheme (CBILS).
Talking about the adverse impact of the pandemic on small businesses across the UK, Andy Davies, Managing Director of White Oak Leases & Loans, said in a statement:
“… 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.”
The lender witnessed a record demand across all products that helped its 2021 loan book reach £500 million for the first time. For White Oak, March 31 was the highest day of lending on record, with £9 million disbursed in a month that saw record monthly figures at £70 million worth of loans provided to 724 SMEs.
White Oak was accredited under CBILS in May last year. Since then, the lender has provided financial solutions to over 2,200 businesses across various sectors, with loans paid out ranging from £75,000 to £750,000. However, the construction and manufacturing sectors received the maximum at £109.2 million. Solicitors also received over £56.5 million, with more than £38.3m going to retailers and wholesalers.
In March this year, the alternative lender had surpassed £270 million in CBILS lending while receiving an increased allocation 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.