Independent commercial lender White Oak has announced that it has successfully provided £ 396.6million under the Coronavirus Business Interruption Loan (CBILS) program to support UK SMEs during the pandemic.
Demand for CBILS was strong until the 31stst Application deadline in March, White Oak paying £ 80million into CBILS in April and May.
Record demand for all products saw White Oak’s loan portfolio in 2021 reach £ 500million for the first time, ending a strong year for White Oak which posted record loan numbers. 31st March was the highest loan day ever for White Oak with £ 9million coming from its own pound, while March alone saw record monthly figures, with £ 70million of loans granted to 724 SMEs.
Since White Oak was accredited under CBILS in May last year, the lender has provided tailor-made financing solutions to over 2,200 businesses with loans ranging from £ 75,000 to £ 750,000. These companies are spread across a range of industries with £ 109.2million going to construction and manufacturing, White Oaks’ most active sector. The lawyers also received over £ 56.5million, of which over £ 38.3million went to retailers and wholesalers.
With offices in London, Glasgow, Southampton, Manchester and Ewloe in Wales, White Oak enjoys nationwide coverage and has supported businesses across the country with CBILS loans.
White Oak has provided more than £ 315million in support to businesses outside London, with the most £ 55.9million going to businesses in the North West. Likewise, businesses in the Midlands have received £ 53.5million in support. Other regional allocations included: £ 52.3 million to businesses in the South East; £ 23.4m to businesses in the South West; and £ 23.6million to businesses in Scotland.
Andy Davies, Managing Director of White Oak Leases & Loans, said: “We are very pleased to have been able to provide essential support to businesses across the UK as they weathered the difficult environment brought on by the pandemic. . As the UK economy begins to recover, we are confident that this record-breaking loan will help SMEs across the country boost economic recovery. We also look forward to increasing support for SMEs as they continue to finance business growth through asset finance and other loan products. “