Since becoming an accredited lender for term loans under the Coronavirus Business Interruption Loan Scheme (CBILS) in May, White Oak UK have supported hundreds of SMEs in accessing more than £30million in CBILS lending, with a further £20million in new lending recently approved for release.
After launching our dedicated CBILS portal in mid-May, we have welcomed more than 11,000 businesses looking for funding under the Scheme to the site.
The dedicated online experience enables customers to check their eligibility and apply for CBILS funding quickly and simply, with approvals typically received in as little as 24-hours.
Andy Davies, Managing Director of Leases & Loans at White Oak UK said:
“The level of demand we have seen for CBILS loans has been significant and continues to grow. Businesses are clearly looking for fast access to funding to trade through the present conditions, and we have been pleased to be able to deliver this in our usual style - simple, quick, and backed by great service.
"The whole process has been well received by our customers and brokers; we’ve received some great feedback on the facility”.
We’ve seen demand from all sectors, particularly however from manufacturing, construction, and professional service businesses, with a funding arranged for working capital, consolidation, and investment purposes with deals typically ranging from £75,000 to £600,000.
Under the Scheme, White Oak UK are pleased to provide CBILS loans from £75,000 to £5million delivered over either 12 or 24-month agreement terms. All associated interest and fees are covered by the Government for 12-months, a benefit is passed on to our customers.
Additionally, repayments on White Oak UK CBILS loans can be deferred for up to 12-months, meaning that customers are able to make no repayments whatsoever for up to a year, depending on the loan term taken, something that has proven to be a popular benefit as businesses start to plan for recovery post Covid-19.
Check to see whether you are eligible and apply online for a fast, fuss free CBILS loan with White Oak UK today.