Independent business lender White Oak has announced that it will allocate £30 million of lending to businesses across the South East to assist with the post-covid recovery. 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 the South East 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 the South East have received £52.3m from White Oak in CBILS lending.
Andy Davies, managing director of White Oak leases and 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 the South East as we look to help them thrive and push us towards economic recovery."
About White Oak
Founded in 1986 and headquartered in the UK, White Oak’s team of 170 professionals supports over 20,000 business with their financing needs. White Oak has its offices in Southampton, Manchester, London, Glasgow and Ewloe.
The organisation provides business loans, equipment finance and asset-based lending solutions to SMEs and mid-corporate clients across the UK.
In the last five years, the business has lent over £1.5 billion from its own balance sheet to UK businesses to over 45,000 customers.
White Oak currently supports over 20,000 SME clients in the UK, including a diverse number of sectors through its multi-product, multi-channel distribution model with a focus on building deep client relationships through its offices and field-based support services.