White Oak allocates £25m funding to UK construction sector
Independent business lender White Oak has today announced that it has allocated a minimum of £25 million lending to businesses in the UK’s construction sector.
The £25m pot, 10% of White Oak’s lending, is aimed at helping construction businesses as they look for capital to support future growth. The funding is accessible via a number of products offered by White Oak including business loans and asset finance solutions.
White Oak has also allocated funds to regions across the UK with over £40m ring-fenced for businesses in the North West, over £35m for those in the Midlands and more than £30m being allocated to Scottish businesses.
Throughout the Covid-19 pandemic, White Oak has provided £396.6m in Government-backed CBILS loans to over 2,200 businesses. These businesses are spread across a range of sectors with £76.5m going to the construction sectors, one of White Oak’s most active sectors. The lenders loan book also recently passed the milestone of £500m for the year so far.
Andy Davies, managing director of White Oak Leases & Loans, said: “We are very proud of the role we’ve played in supporting businesses across the UK through what has been the most challenging period in modern times. As we look towards a brighter future, it is important that businesses continue to receive the support they need. The construction sector will be vital as we look to rebuild the British economy and we are looking forward to providing capital that allows businesses in the sector to thrive over the coming months.”