OakNorth Bank – the UK bank powered by OakNorth – has approved over £600m in new loans to support British businesses since the lockdown began on 23 March, including £220m through the Coronavirus Business Interruption Loan Scheme (CBILS) and the Coronavirus Large Business Interruption Loan Scheme (CLBILS).
Despite the ongoing challenges of COVID-19, OakNorth Bank has continued to support viable British businesses through this difficult time. Due to ongoing demand, and to ensure OakNorth Bank can continue its deployment of loans supported by CBILS, the British Business Bank has approved an additional CBILS allocation.
Since March, OakNorth has completed several transactions, including: a loan to The Jade Hotel in South Kensington in London to support expansion and renovations; a loan to Red Oak Taverns, the national pub operator, to assist with working capital requirements and contractual obligations; a loan to Little Explorers Day Nursery in Essex to support the acquisition of a property and its conversion into another nursery; a loan to Signet Hotel Group to support the refurbishment and upgrade of the Mitre Hotel in Hampton Court; and a loan to Waverstone LLP to support the purchase of 135 retirement apartments across the UK.
Ben Barbanel, Head of Debt Finance at OakNorth Bank, said: “While lockdown measures have continued to ease over the past month, things have hardly gone back to normal and there continues to be uncertainty around a potential second wave. It is with this in mind that we must continue to support experienced management teams and businesses that were viable pre-pandemic. This additional allocation from the British Business Bank will enable us to continue doing that in addition to the lending we’re doing outside of the schemes. We look forward to continuing our work with the British Business Bank.”
Notes to editors
About the Coronavirus Business Interruption Loan Scheme (CBILS)
CBILS is a demand-led scheme offering lending to smaller businesses with turnover of up to £45m. Invoice finance and asset finance facilities are available from £1k to £5m, while term loans and revolving credit facilities are available from £50k to £5m. The government makes a payment to cover interest and lender-levied fees under CBILS for the first 12 months. The scheme is due to close for new applications on 31 January 2021.
About OakNorth Bank plc
OakNorth Bank provides fast, flexible and accessible debt finance (from £500k to £50m) to fast-growth businesses and established property developers / investors. It has debt finance teams in London, Manchester, Bristol, Birmingham, Leeds and East Anglia.
Since its launch, the bank has:
It is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
Visit www.oaknorth.co.uk for more information.