White Oak allocates over £30 million to businesses in Scotland
Independent business lender White Oak has announced that it will allocate £30 million of lending to businesses across Scotland.
The funding is one of White Oak’s regional allocations with the lender set to provide at least a further £275m to businesses across the year.
The £30m pot is aimed at helping businesses in Scotland as they look for growth. The funding is accessible via a number of products offered by White Oak including business loans and asset finance solutions.
White Oak has also allocated funds per sector with over £60m ring-fenced for solicitors, the business’ most active sector. The construction industry has been allocated over £25m with more than £20m going to the manufacturing sector. The accountancy sector has been allocated over £15m in support.
White Oak has been committed to supporting businesses throughout the challenging Covid-19 pandemic and provided £396.6m in Government-backed CBILS loans, with the lender’s loan book also passing the milestone of £500m.
Businesses in Scotland have received £23.6 million from White Oak in CBILS lending. For example, family-run farm Craigies was provided with a CBILS loan to ensure that the business had the necessary capital to complete construction of an additional play barn and cafe.
With offices across the UK White Oak benefits from national coverage. White Oak has almost 200 UK-based professionals who have approved loans for SMEs and mid-sized corporates around country with 80% lent to SMEs outside of London.
Andy Davies, managing director of White Oak Leases & Loans, said: “We are very proud of the role we’ve played in supporting businesses across the UK through what has been the most challenging period in modern times. As we look towards a brighter future, it is important that businesses continue to receive the support they need. This funding allocation underlines our commitment to businesses in Scotland as we look to help them thrive and push us towards economic recovery.”
Derek Money, head of sales at White Oak in Glasgow, added: “We’ve been able to provide essential support to businesses across different sectors and geographies in Scotland. With our boots on the ground, we have a firm understanding of what Scottish businesses need when it comes to getting the financial support they need and this fund will allow us to drive economic prosperity for SMEs and the Scottish economy.”