OakNorth Bank receives additional CBILS allocation from the British Business Bank
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UK-based OakNorth Bank said today that it has been approved an additional CBILS allocation by the British Business Bank. The Bank stated that it has approved over £600 million in new loans to support British businesses since the lockdown began on 23 March, including £220m through the Coronavirus Business Interruption Loan Scheme (CBILS) and the Coronavirus Large Business Interruption Loan Scheme (CLBILS).
Ben Barbanel, Head of Debt Finance at OakNorth Bank, said, “While lockdown measures have continued to ease over the past month, 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 we must continue to support experienced management teams and businesses that were viable pre-pandemic. This additional allocation from the British Business Bank will enable us to continue doing that in addition to the lending we’re doing outside of the schemes. We look forward to continuing our work with the British Business Bank.”
The British Business Bank manages the Coronavirus Business Interruption Loan Scheme (CBILS) on behalf of and with the financial backing of the Secretary of State for Business, Energy, and Industrial Strategy (BEIS).
The Bank stated that, since March, it has extended loans to institutions, including The Jade Hotel, Red Oak Taverns, Little Explorers Day Nursery, Signet Hotel Group, and Waverstone LLP.
Recently, OakNorth Bank announced the completion of its first-ever fund buy-out deal by providing financing to real estate investment firm, FORE Partnership.
OakNorth Bank aims to provide flexible and accessible debt finance (from £500k to £50m) to fast-growth businesses and established property developers/investors. It has debt finance teams in London, Manchester, Bristol, Birmingham, Leeds, and East Anglia.
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