Chester’s lender’s loan book crosses £ 500million mark
Sign up for free to receive the latest news straight to your inbox
Independent commercial lender White Oak has successfully reached a loan portfolio of £ 500million.
This milestone was reached for the first time in the history of the Chester-based lender after surpassing the £ 250million mark late last year.
White Oak’s total outstanding loan commitments to UK SMEs demonstrate a strong year for the lender, which has recorded record lending figures.
Earlier this year, White Oak granted £ 161million in business loans, including £ 130million from its own pound, in the first quarter.
White Oak has supported 2,200 UK SMEs during the pandemic with loans totaling more than £ 351million, a record figure for the lender.
Through CBILS, White Oak has provided more than £ 315million in support to businesses outside London and £ 56million to businesses in the North West. Likewise, businesses in the Midlands have received £ 54million in support.
This news builds on the lender’s broader commitment to ensure it can continue to support SMEs as they seek to accelerate their post-COVID growth.
This follows White Oak’s announcement last month that it has allocated £ 275million in loans to sectors and regions across the UK in a bid to boost the economic recovery of SMEs.
Andy Davies, Managing Director of White Oak Leases & Loans, said: “This £ 500million milestone demonstrates the support we have been able to provide to businesses across the country throughout this difficult year.
“We are incredibly proud of our team who were instrumental in achieving this result and we look forward to continuing to support SMEs as we emerge from the pandemic.”
White Oak also recently announced its new headquarters based in Chester, expanding its national footprint across the UK. As one of Chester’s largest employers, White Oak is focused on deploying £ 200million per year in asset finance to help finance SME takeovers across the country.