Andy Davies

Delivered through British Business Bank accredited lenders, CBILS is designed to support the continued provision of finance to UK smaller businesses (SMEs) during the COVID-19 outbreak.

The scheme enables lenders to provide facilities of up to £5m to smaller businesses across the UK who are experiencing lost or deferred revenues, leading to disruptions to their cashflow. 

White Oak offers borrowing from £75,000 to £5m over either 12 or 24 months. Interest on a CBILS facility is covered by the government for 12 months.

Additionally, White Oak customers are offered a payment holiday of up to 12 months, enabling them to recover from the crisis without the immediate financial burden of repayments.

Businesses interested in applying for a CBILS loan and being encouraged to do so before the scheme closes to new applicants on September 30.

Andy Davies, managing director of loans & leases at White Oak, said: “Scotland is home to a vibrant SME community, and we’re excited to support businesses as they begin covering from the COVID-19 pandemic. The CBILS deadline fast approaches and we’re confident that our straightforward lending approach with on-demand local expertise means that SMEs get the support they need when they need it.”