White Oak UK exceeds £30m in CBILS business lending
White Oak

White Oak UK exceeds £30m in CBILS business lending

White Oak UK has announced that more than £30m in Coronavirus Business Interruption Loan Scheme (CBILS) lending has been provided to new and existing customers over the last six weeks.

It has a further £20m of new CBILS lending approved for release.

After its approval for accreditation by the British Business Bank for term loans, the lender launched a dedicated online lending portal on 13th May 2020, which has since seen more than 11,000 visitors.

It is said to deliver a fast and simple experience for users looking for CBILS funding; customers can quickly check their eligibility and apply for the funding online with approvals typically received in 24 hours.

Demand has been high in manufacturing, construction, and professional service sectors.

Significant lending has been required for working capital, consolidation, and investment purposes, ranging from £75,000 to £600,000.

Associated interest and fees are covered by the government for 12 months, a benefit that is passed on to customers.
Repayments for these government-back loans can be deferred for up to a year. 

Andy Davies, managing director of leases and loans at White Oak UK, said: “The level of demand we have seen for CBILS loans has been significant and continues to grow. 

“Business owners are clearly looking for fast access to funding to trade through the present conditions, and we have been pleased to be able to deliver this…

“The whole process has been well received by our customers and brokers; we’ve received some great feedback on the facility.”

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