UK non-bank lender, White Oak, has announced it has provided over £125m of funding to UK SMEs and mid-corporates during Q3, a record for the firm. It includes a remarkably strong September, which saw White Oak place £44m on their own book. This brings its total value funded year-to-date to £280m.
Professional services (29%), construction (14%) and administrative and support services (12%) were the sectors driving most of the demand for capital in the third quarter of the year.
White Oak, which has an own book value in excess of £500m, also provided a record £30m in asset finance lending in Q3, with firms in administrative and support service activities (21%) and construction (19%) showing the most appetite to invest for growth.
Andy Davies, Managing Director of White Oak Leases & Loans, said: “It’s heartening to see a strong appetite from SMEs and mid-corporates looking to access capital to fuel their growth plans, in spite of operating in a challenging economy. What makes White Oak different is our ability to be nimble and support our clients’ needs quickly and effectively, and our Q3 results show we are committed to doing just that.”
The £125m allocated in Q3 was used to support SMEs and mid-corporates across all UK regions, with the highest volume of lending activity in London (16%), Scotland (14%) and the North-East (13%).
Jean-Marc Torre, CEO of White Oak in the UK (pictured), said: “When navigating a more challenging economic backdrop, businesses will often put the brakes on investing in their operations in favour of sitting tight with the hope brighter times are ahead. However, often it’s those that double down in more testing times that achieve great things. The robust growth plans we are seeing amongst our lending book is a testament to how resilient UK businesses really are, and we are committed to supporting them through their growth journey whatever the weather.”
