White Oak has completed a £150m securitisation facility from Barclays Bank, which received permission from the British Business Bank to be used for CBILS lending.
Combined with £30m of its own funds, this more than doubles White Oak’s CBILS funding available for SMEs affected by Covid-19
This follows the company’s distribution of almost £70m of CBILS loans across 400 businesses since its accreditation to the scheme in May.
Andy Davies, managing director of loans and leases at White Oak, said: “The completion of the new facility with Barclays will allow us to deploy more than £100m of additional CBILS loans and continue to provide the support that small businesses need in these challenging times.
“We combine our straightforward lending approach with on-demand local expertise to ensure that SMEs get the support they need.”
Daniel Werchola, director of M&A at White Oak, added: “We are pleased to have successfully executed this significant transaction with Barclays on an accelerated timeframe to ensure we help SMEs, which are the powerhouse of the UK economy.”
White Oak provides business loans, equipment finance, and asset-based lending solutions to SMEs and mid-corporate clients across the UK and offers CBILS loans from £75,000 to £5m over either 12- or 24-month agreement terms