- This follows a record year for White Oak UK, which lent £70m to Scottish SMEs in 2022
- Last year saw 300 new Scottish customers partner with the lender, a 12% uplift year-on-year
WHITE Oak UK, one of the UK’s leading non-bank lenders, has pledged to provide £80m to Scotland’s SMEs and mid-corporates in 2023, to continue to support the growth of firms across the country.
The pledge follows the firm delivering a record £70m of funding in Scotland last year; businesses in Scotland saw the third greatest allocation of funding across all regions in the UK, accounting for 15% of White Oak’s total UK lending activity last year.
White Oak data from 2022 shows that the Construction sector saw the largest funding allocation in Scotland, reaching a total of £17m, equating to 23% of the figure lent in the country, closely followed by the Transportation and Storage and car leasing sectors, which reached £13m and £12m, respectively.
White Oak UK, an affiliate of White Oak Global Advisors, LLC, provides business loans, asset finance and asset-based lending solutions to help widen horizons for SMEs and mid-corporates across the UK, with its office in Glasgow dedicated to support the growth of firms in Scotland, which attracted over 300 new clients over the past year.
Derek Money, Head of White Oak UK’s Glasgow Office, said: “Despite economic difficulties over the past twelve months, our lending figures show that there is still a real appetite for growth among Scottish businesses. Testament to their resilience, firms across the country have remained forward-looking when others have chosen to stand still. Our Glasgow Office is proud to have maintained that momentum and are confident that providing further support of £80m will continue to drive Scottish SMEs towards success in 2023.”
Andy Davies, Managing Director of White Oak Leases & Loans, said: “Our 2022 lending figures show a strong demand for funding across all sectors and regions of the UK, particularly in Scotland. We are looking to build upon the success we’ve had in the country in 2022 by providing a further £80m to SMEs and mid-corporates across Scotland in 2023, helping businesses to develop robust solutions which will withstand even the toughest economic conditions.”