The loan will allow Notes to open two new sites in Victoria and Angel Court to add to the six sites it already has across central London.

The site in Angel Court is set to be Notes’ largest to date at 1,500 sq ft and is only a minutes’ walk from the Bank of England.

The new Victoria branch will be located in the recently opened Nova development.

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Ben Barbanel, head of debt finance, and Deepesh Thakrar, debt finance director, at OakNorth Bank, said: “We’re delighted to have completed this deal with Notes – not just because it is a fast-growing and ambitious business like ours, but also because it is the first deal we have closed under the help to grow programme.”

OakNorth joined the scheme – which aims to provide debt finance of up to £2m to business – in January this year.

The pair added: “This is exactly what the programme was set up for and we look forward to working with the British Business Bank to close additional deals in the future.”

Keith Morgan, CEO of the British Business Bank, said: “Help to grow is a key component of our initiatives to boost growth capital and encourage more scale up lending to smaller businesses.

“We are committed to encouraging new lending through challenger banks and other new market entrants, and so warmly welcome OakNorth’s first transaction under the programme.”

The chain currently has branches in Trafalgar Square, Moorgate, King’s Cross, Canary Wharf underground station, Canary Wharf Crossrail station and The Gherkin.