Finance firm provides £50m in CBILS support to SMEs

Independent business lender White Oak UK has today announced it has successfully distributed more than £50m of loans to SMEs throughout the COVID-19 crisis as part of the Government’s Coronavirus Business Interruption Loan Scheme (CBILS).

The company, which is based in Ewloe, near Chester, and has a Manchester office, provides business loans, equipment finance and asset-based lending solutions to SMEs and mid-corporate clients across the UK.

It was accredited as a CBILS lender in early May and quickly mobilised to support more than 300 business with loans paid out from £75,000 to £750,000, with the ability to lend up to £5m.

With offices in London, Glasgow, Southampton, Manchester and Ewloe, White Oak benefits from national coverage, and its 100+ origination force has approved loans for SMEs and mid-sized corporates around the country with 79% lent to SMEs outside of London.

The company’s cross-sector expertise has provided financial support to a wide range of businesses throughout the pandemic, including:

  • £14m to companies in the construction and manufacturing sectors
  • £12m to solicitors and business support services
  • £6m to retailers and wholesalers

At a time when fast capital has been essential to the survival of SMEs, White Oak’s hybrid business model has allowed it to access funding from its own balance sheet and external funders to minimise red tape and provide efficient capital.

Under CBILS, interest is covered by the Government for 12 months, and additionally, White Oak customers can benefit from a payment holiday of up to 12 months, enabling them to recover from the crisis without the immediate financial burden of repayments.

The company is set to continue providing valuable support to SMEs and mid-sized corporates through the crisis, with an additional pipeline in excess of £50m, and ambitions to lend £200m before the scheme closes on September 30, 2020.

Andy Davies, Managing Director of leases & loans, said: “The financial support provided to SMEs, backed by the British Business Bank, has been critical to the survival of thousands of businesses across the UK.

“We’re passionate about helping SMEs through the good times and the bad and stand ready to help more companies secure the vital support provided by the Government’s CBILs scheme.”

Andre A. Hakkak, chief executive and founder of White Oak Global Advisors, said: “We are proud to have quickly mobilised over £50m in financial support to SMEs who are the economic engine of the British economy.

“For over three decades, White Oak UK has worked with dynamic businesses to provide them with the strongest platform for growth.

“Now, with the unprecedented challenge created by pandemic, we have redoubled our commitment to helping more businesses make, build and grow their way back to prosperity.

White Oak UK has been providing financial solutions to businesses since 1986.

In the past five years it has lent more than £1.5bn to more than 45,000 customers, and currently supports in excess of 20,000 SME clients.