Independent business lender White Oak has £25m to lend to businesses in the Midlands as part of the Coronavirus Business Interruption Loan Scheme (CBILS).
CBILS is designed to support the continued provision of finance to UK SMEs during the COVID-19 outbreak. The scheme enables lenders to provide facilities of up to £5m to smaller businesses across the UK who are experiencing lost or deferred revenues, leading to disruptions to their cashflow.
White Oak offers borrowing from £75,000 to £5 million over either 12 or 24-month. Interest on a CBILS facility is covered by the Government for 12 months and White Oak is offering a payment holiday of up to 12 months.
The scheme closes to new applicants on 30th September.
Andy Davies, Managing Director of Loans & Leases at White Oak, said: “The Midlands is a region with a vibrant SME community and we’re excited to be able to support businesses in the area as they look to recover from the COVID-19 pandemic.
“The CBILS deadline fast approaches and we’re confident that our straightforward lending approach with on-demand local expertise means that SMEs get the support they need when they need it.”