White Oak are a leading commercial finance lender who have lent over £1b since 2018. They have been busy over this past year and have lent £315m to SMEs across the UK in CBILS.
White Oak have been nominated for both Lender of the Year and CBILS Lender of the Year.
1. How has White Oak been helping SMEs over the past year?
No business could have predicted or planned for the level of change and uncertainty over the last year. Our goal at White Oak has always remained the same – to act as a partner for growth and provide businesses, particularly SMEs, with tailored services that offer fast and flexible solutions.
Since we were accredited under CBILS in May 2020, we have provided tailored finance solutions for over 1,350 businesses with loans paid out from £75,000 to £750,000. Our CBILS offering was designed to help businesses on the road to recovering following the Covid-19 crisis and look towards financial growth without the instant burden of repayments.
We are thrilled to have played a part in providing £315m to SMEs across the UK. Not only did we help businesses remain on their feet during the pandemic but also positioned them for growth in years to come.
It has been rewarding to see so many of our client’s access what was initially set up as emergency loans to support cash flow and retain staff, and later use these to begin gearing up for expansion in 2021 and beyond. As a company we look forward to working with more of the UK’s SMEs in the future.
2. Has White Oak made any changes to their lending to accommodate the difficulties faced by SMEs?
We know that SMEs want support, understanding, clarity and solidity and this is exactly what we offer through our services. When it comes to securing financing, SMEs are often confronted with a lot of options when what they need is a partner that can progress at their pace.
As a business lender, the pandemic has fundamentally changed our understanding of the role that we play in supporting commerce. Business lenders have transformed from a support system for individual businesses into an essential lifeline for the economy.
We will continue to provide support to SME’s across the UK and their customers, through communication and through flexibility, adapting to the challenges that 2021 will bring, and driving growth as we navigate this change together.
3. What makes White Oak unique as a lender?
At White Oak we understand that every business is different and that’s why we work hard to tailor our lending solutions to specific business needs. With a network of nearly 200 specialists based across the UK, we have the local, regional and sectoral expertise to get under the skin of what SME’s require and can assess their suitability for credit in a way traditional banks simply can’t.
We’ve been funding businesses in the UK since 1986 and currently support over 20,000 UK SMEs. And we grow with our clients – with a range of services to support businesses at every stage of their journey we work together to provide the most effective lending solutions tailored to each customer’s specific circumstances and needs.
4. Do you have any advice for SMEs who are hesitant to take out funding?
Many SMEs are facing cost struggles but by ensuring they gain financing now, these can be mitigated by taking out funding. Our advice to SMEs would ultimately to be to act quickly. With government schemes beginning to wind down it’s important that SME’s are prepared for this change and have the support they need to accelerate their business beyond Covid.
SMEs need to think about what recovery looks like for them whether it’s tightening up cash flow or adapting to shifting working practices. These can be made easier by planning ahead and we would be happy to have a conversation about what we can offer in terms of solutions they need to sustain and grow their business.
5. What can we expect to see from White Oak now that CBILS has come to a close?
There is no question that the CBILS scheme has provided a lifeline to so many businesses through the worst of the pandemic and a platform to drive the recovery. But lenders must now look to the future and we want to be at the forefront of delivery and execution. We’re expecting traditional modes of lending to come back to the fore and we want to prepare SME’s for this change. While the outlook is positive, uncertainty will continue to pervade the business landscape and at White Oak we know cash reserves will be more important than ever.
We’re passionate about working together with SME’s who are looking for growth. The pandemic has only strengthened our offering and we are now more committed than ever to supporting businesses to recover, grow and prosper.
Watch this space for the announcement of the winners of SME Funding Awards 2021. Take a full look at the nominations here.
