Finance provider earmarks £30 million to support Scottish firms recover from Covid

White Oak, the alternative finance provider, is earmarking £30 million to support Scottish businesses amid the post-lockdown recovery.

The funding is one of the firm’s regional allocations with the lender set to provide at least a further £275m to businesses across the year. It is offering the financial aid via business loans and asset finance products.

The firm has also allocated funds per sector with more than £60m ring-fenced for solicitors, the business’ most active sector. The construction industry has been allocated some £25m of the total with more than £20m going to the manufacturing sector. The accountancy sector has been allocated about £15m in support.

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White Oak has almost 200 UK-based professionals who have approved loans for small and medium-sized enterprises (SMEs) and mid-sized corporates with 80 per cent lent to SMEs outside of London.

The funding is accessible via a number of products offered by White Oak including business loans and asset finance solutions. Picture: Jon Savage
The funding is accessible via a number of products offered by White Oak including business loans and asset finance solutions. Picture: Jon Savage

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.

“This funding allocation underlines our commitment to businesses in Scotland as we look to help them thrive and push us towards economic recovery.”

Derek Money, the appropriately named head of sales at White Oak in Glasgow, added: “With our boots on the ground, we have a firm understanding of what Scottish businesses need when it comes to getting the financial support they need and this fund will allow us to drive economic prosperity for SMEs and the Scottish economy.”

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