OakNorth Bank approves £36m in loans to Covid-19 hit businesses

OakNorth Bank has approved over £36m of new loans to British businesses over the last two weeks.

The bank has recently received its Coronavirus Business Interruption Loan Scheme (CBILS) accreditation from the British Business Bank.

Ben Barbanel, head of debt finance at OakNorth, said: “Growth companies are the backbone of the UK economy - their survival is essential to ensuring the UK can get back on its feet as soon as possible following this crisis.

“Unfortunately, due to exceptionally high demand at the clearing banks, many aren’t being able to get access to the finance they need as quickly as they need it, even if they can demonstrate they were a viable business before the crisis.

He added that OakNorth Bank was “in a fortunate position” to be able to help businesses and had been hosting more credit committees per week than usual in order to do so.

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