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OakNorth receives GBP 160 mln in government-backed loans

Friday 22 May 2020 12:29 CET | News

OakNorth has received a new tranche of cash from the government to lend to companies hit by the coronavirus pandemic.

The UK-based lender was one of the fintechs to receive accreditation from the British Business Bank. The GBP 330 billion economic stimulus package meant to help British businesses survive the coronavirus-related economic turmoil includes the Coronavirus Business Interruption Loan Scheme (CBILS), Coronavirus Large Business Interruption Loan Scheme (CLBILS), and, most recently, the Bounce Back Loans (BBL).

The bank has been allocated a further GBP 160 million from the British Business Bank, made up of GBP 100 million for CBILS, and an initial allocation of GBP 60 million for CLBILS. The latest numbers suggest that overall UK lenders have lent out over GBP 22 billion in government-backed loans to more than half a million companies.

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Keywords: OakNorth, loans, coronavirus, British Business Bank, economic stimulus package, CBILS, CLBILS, BBL, lenders
Categories: Banking & Fintech | Payments General
Countries: United Kingdom
This article is part of category

Banking & Fintech