OakNorth Bank approves £86m of loans since lockdown began

OakNorth Bank has approved over £50m in new loans to UK businesses since lockdown began, and a further £36m through the Coronavirus Business Interruption Loan Scheme (CBILS).

A hotel refurbishment, an acquisition of 131 retirement units across the UK, and a fund buyout were part of the £50m worth of funding.

The bank has lent £14m shy of its initial £50m allocation through CBILS.

Ben Barbanel, head of debt finance at OakNorth Bank, said that the crisis looked like it was going to be worse than the GFC of 2008. 

“There will be many businesses that were strong, profitable, healthy businesses before the pandemic, which will now be struggling to survive.

“We are trying to find ways to support these businesses and help them through this extremely difficult time, as well as those who have been positively impacted by the lockdown and are looking for debt finance to grow.

“We are therefore hosting credit committees morning, noon and night, as well as on weekends, to try and get capital to the businesses that need it as quickly as possible.”

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