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OakNorth Bank approves over GDP 86 mln in loans amid lockdown

Wednesday 13 May 2020 14:37 CET | News

UK-based OakNorth Bank has approved over GDP 50 million in loans, as well as a GDP 36 million allocation through the Coronavirus Business Interruption Loan Scheme (CBILS). 

Since the UK went into lockdown, OakNorth Bank has approved loans to fund a hotel refurbishment, an acquisition of 131 retirement units across the UK and a fund buy-out. Furthermore, the bank accessed the CBILS funds after being accepted in the programme at the end of April 2020.

As the UK enters its eighth week of lockdown, British businesses continue to feel the prolonged effects of the crisis on the economy. Whilst traditional lenders choose to switch from the SME lending market to prioritising loans which come with a government guarantee, OakNorth Bank is an alternative to supporting businesses during the pandemic, as related by the official press release.

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Keywords: OakNorth Bank, lockdown, loans, UK, United Kingdom, CBILS, coronavirus business interruption, loan scheme, traditional lender, SME lending market, pandemic, business support
Categories: Banking & Fintech
Companies:
Countries: United Kingdom
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