Since March, SME challenger bank OakNorth Bank has approved over £1.1bn in new loans, as AltFi reports.
In Brief:
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The bank has distributed £400mn through CBILS and CLBILS.
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The British Business Bank has now extended its allocation to OakNorth.
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Lending volume doubled year on year between June and August.
What does this mean?
OakNorth has been committed to supporting its SME customers – including FinTechs – since the Coronavirus pandemic began. It has also set up 325 credit committees to deal with increasing demand.The amount it has now been allocated by the BBB remains undisclosed.
