OakNorth Bank helps support British businesses through the Covid-19 crisis, approving over £36m of new loans in the last two weeks

  • British businesses are in desperate need of capital to see them through the Covid-19 crisis, but many are struggling to obtain the debt finance they need from their clearing bank as quickly as they need it;
  • OakNorth Bank has applied to join CBILS and is awaiting accreditation from the British Business Bank;
  • In the meantime, it has been doing all it can to ensure viable UK businesses secure the funding lifelines they need, hosting several credit committees a day;
  • In the last two weeks, it has hosted dozens of credit committees, approving more than £36m of new loans.

OakNorth Bank – the UK bank powered by OakNorth – has approved over £36m of new loans to British businesses over the last two weeks whilst it’s been awaiting CBILS approval.

In these unprecedented times, many UK businesses are in desperate need of capital to survive the next few months – for strong, viable companies, OakNorth Bank has the capabilities and expertise to provide them with loans quickly.

Ben Barbanel, Head of Debt Finance at OakNorth Bank, comments: “Growth companies are the backbone of the UK economy – their survival is essential to ensuring the UK can get back on its feet as soon as possible following this crisis. Unfortunately, due to exceptionally high demand at the clearing banks, many aren’t being able to get access to the finance they need as quickly as they need it, even if they can demonstrate they were a viable business before the crisis. We are in a fortunate position to be able to help these businesses and have been hosting several more credit committees per week than usual in order to do so. We hope to be onboarded to the CBILS very soon and will continue supporting viable UK businesses where we can in the meantime.”

ENDS

Notes to editors

About CBILS

The Coronavirus Business Interruption Loan Scheme (CBILS) is managed by the British Business Bank on behalf of, and with the financial backing of the Secretary of State for Business, Energy and industrial Strategy (BEIS).

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:

  • Lent over £4bn, directly helping with the creation of 13,000 new homes and 17,000 new jobs in the UK;
  • Raised deposits from c.144,000 savers;
  • Supported over 750 businesses across the UK with the debt finance to pursue their growth ambitions.

It is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. 

Visit wordpress-test-website.oaknorth-it.com for more information.

Contact 

Tom Pavey-Smith, Associate Director – Growth & Communications – tom.pavey-smith@oaknorth.co.uk / press@oaknorth.co.uk / +44 791 716 5588

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