The lender has approved a total of GBP 600 mln in new loans since March 2020 and says it has now received an undisclosed additional CBILS allocation from the British Business Bank. While lockdown measures have continued to ease over August 2020, 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 the bank must continue to support experienced management teams and businesses that were viable pre-pandemic, OakNorth Bank staff said.
The additional allocation from the British Business Bank will enable OakNorth to continue doing that in addition to the lending the company is doing outside of the schemes, the OakNorth Bank source said in an interview to AltFi.
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