The specialist lenders will now work on a referral basis, when being contacted by businesses directly, in hope to support a larger number of businesses with a wider range of needs.
An Oxford-based medical wholesaler was able to benefit from this partnership by securing a fully unsecured £50,000 loan from Spotcap for 12 months with no personal guarantee required, having initially reached out to White Oak UK.
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“If one lender doesn’t have the right solution, why not establish a partnership with another one to complement the offering?” said Kevin Vendel, head of sales at Spotcap.
Chris Heeley, credit director at White Oak UK, added: “As the relationship with Spotcap progresses, I’m certain that we will continue to work together to maximise the opportunities and facilities available to further build on the foundations we have already laid in respect of supporting UK SMEs.”
Update: 16th May 2019
An earlier version of this article was headlined: White Oak UK and Spotcap form mutual referral partnership. We have since removed reference to this being on a mutual referral basis.