OakNorth Bank receives new CBILS allocation

The British Business Bank has approved an additional CBILS allocation for OakNorth Bank

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OakNorth Bank receives new CBILS allocation after approving over £600m in loans

OakNorth Bank has approved more than £600 million in new loans to support British businesses since lockdown began in March.

The UK bank, which is powered by OakNorth technology, has lent £220 million through the Coronavirus Business Interruption Loan Scheme (CBILS) and the Coronavirus Large Business Interruption Loan Scheme (CLBILS).

The British Business Bank has approved an additional CBILS allocation for OakNorth Bank, which Ben Barbanel, head of debt finance, said will help “experienced management teams and businesses that were viable pre-pandemic”.

Barbanel 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.”

OakNorth, developer of the technology that powers the UK banking arm, recently signed a commercial agreement with PNC Bank, one of the leading credit providers to middle market companies across the US, for use of the Covid Vulnerability Rating CVR across its commercial and industrial and commercial real estate portfolios.