The announcement was made after the lender revealed it had agreed over £600m in new loans to support British businesses since lockdown began, which included £220m through CBILS and CLBILS.
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Ben Barbanel, head of debt finance at OakNorth Bank (pictured above), 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.”
Despite the ongoing challenges of Covid-19, OakNorth Bank has approved an average of £150m in new loans each month since the start of lockdown in March.
The bank has completed several transactions since 23rd March, including a loan to The Jade Hotel in South Kensington in London to support expansion and renovations; funding to Red Oak Taverns to assist with working capital requirements and contractual obligations; and a loan to Little Explorers Day Nursery in Essex to support the acquisition of a property and its conversion into another nursery.