White Oak allocates over £10 million to businesses in Wales

·       Independent business lender White Oak has allocated £10 million in support to businesses to assist with the post-Covid recovery 

·       The funding is available to businesses through traditional business loans and asset finance

·       White Oak is one of the UK’s largest non-bank lenders and provided close to £400 million via the Government-backed CBILS scheme

08 July 2021, London: White Oak has today announced that it will allocate £10 million of lending to businesses across Wales. The funding is one of White Oak’s regional allocations with the lender set to provide at least a further £275 million to businesses across the year.

The £10 million pot is aimed at helping businesses in Wales 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 £60 million ring-fenced for solicitors, the business’ most active sector. The construction industry has been allocated over £25 million with more than £20 million going to the manufacturing sector. The accountancy sector has been allocated over £15 million in support.

White Oak has been committed to supporting businesses throughout the challenging Covid-19 pandemic and provided £396.6 million in Government-backed CBILS loans, with the lender’s loan book also passing the milestone of £500 million. Businesses in Wales have received £14.9 million from White Oak in CBILS lending.

With offices in 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 Wales as we look to help them thrive and push us towards economic recovery.”