White Oak allocates £20m of lending to businesses across Yorkshire

Independent business lender, White Oak, is to allocate £20m of lending to businesses across Yorkshire.

Andy Davies, managing director of White Oak Leases & Loans
Andy Davies, managing director of White Oak Leases & Loans

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 £20m pot is aimed at helping businesses in Yorkshire 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.

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White Oak has also allocated funds per sector with over £60m ring-fenced for solicitors, the firm's 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 said it has been committed to supporting businesses throughout the challenging Covid-19 pandemic and provided £396.6 m in Government-backed CBILS loans, with the lender’s loan book also passing the milestone of £500m.

Businesses in Yorkshire have received £33.4m from White Oak in CBILS lending. A £250,000 loan was recently provided to a manufacturing company in Yorkshire to help purchase machinery and another £250,000 CBILS loan provided to help a Rotherham-based solicitor with their working capital requirements.

White Oak has almost 200 UK-based professionals who have approved loans for SMEs and mid-sized corporates around the country with 80 per cent 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 Yorkshire as we look to help them thrive and push us towards economic recovery.”