14 October 2020

OakNorth has distributed over £1bn loans since CBILS  

Written By FinTech Alliance

OakNorth has distributed over £1bn loans since CBILS  

Since March, SME challenger bank OakNorth Bank has approved over £1.1bn in new loans, as AltFi reports.  

In Brief:  

  • The bank has distributed £400mn through CBILS and CLBILS.  

  • The British Business Bank has now extended its allocation to OakNorth.  

  • 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.  

Read more here.   

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