OakNorth Bank received additional CBILS (Coronavirus Business Interruption Loan Scheme) allocation from the British Business Bank.
The bank has approved a total of £600m since the start of lockdown which makes it an average of £150 million per month in new loans.
“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,” said Ben Barbanel, Head of Debt Finance at OakNorth Bank
“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,” he added.
OakNorth Bank offers debt finance loans between £500,000 to £50 million. The fintech claims it issued loans to several hotels: The Jade Hotel in South Kensington, Signet Hotel Group and Mitre Hotel in Hampton Court. OakNorth Bank also issued a loan to Red Oak Taverns – the national pub operator, and Waverstone so it could purchase 135 retirement apartments across the UK.
OakNorth is also doing great in outsourcing its technology as the fintech’s lending platform is licensed to 17 banks globally.