OakNorth has become the first challenger bank to join the British Business Bank's Help to Grow programme.
The programme allows fast-growth SMEs to take out a loan of up to £2m to support the development of new products and processes, invest in research and innovation and target new export markets.
OakNorth recently appointed three new directors after announcing plans to increase its loan book by £500m during 2017.
Rishi Khosla, CEO and co-founder of OakNorth, hoped that joining Help to Grow would provide the bank with an additional platform to help support the growth ambitions of businesses.
“One of the key challenges facing entrepreneurs and business owners in the UK is securing debt finance, especially once they've moved beyond the start-up phase and are making a profit and looking to grow.
“This is an opportunity to change that and ensure that entrepreneurs are able to secure growth capital throughout every phase of the business journey.
“We're very excited to be the first challenger bank to join the programme and are already in conversation with a number of eligible businesses who may be able to benefit.”
The Help to Grow programme's lending is available to businesses across all sectors, but innovative firms in manufacturing, creative industries and technology are expected to benefit the most.
“At the British Business Bank, one of our principal objectives is to increase the diversity of funding options available to growing UK businesses,” said Judith Hartley, managing director for lending solutions at the British Business Bank.
“Supporting new entrants to the SME finance market and innovative forms of lending are of key importance to us in achieving that aim.
“We are therefore delighted to welcome OakNorth Bank as a new partner in our Help to Grow programme.”
SIGN UP TO OUR NEWSLETTER TO RECEIVE MORE NEWS LIKE THIS STORY
300 companies sign up to Women in Finance Charter
A total of 300 companies have now signed up to HM Treasury’s Women in Finance Charter....
Hanley Economic offers self-build product in Scotland
Hanley Economic Building Society has extended its self-build and residential mortgage offerings into Scotland with immediate effect...
Why it’s important to encourage female entrepreneurs
On Women’s Entrepreneurship Day, we honour women in business, their fearless ambition, their achievements and successes...
TSB names new CEO
The board of TSB Bank PLC – with the support of Sabadell – has announced that Debbie Crosbie (pictured above) will become its new CEO in 2019, subject to regulatory approval...
Tandem opens community beta testing for autosavings
Tandem has invited its existing app users to join its autosavings beta testing community to help test its new proposition...
Secure Trust Bank enters Right to Buy market
Secure Trust Bank Mortgages (STB) has launched into the Right to Buy market with a range of mortgages for tenants looking to purchase their existing home...
Starling announces partnership with the Post Office
Starling Bank has announced that it has partnered with the Post Office as it looks to offer every day banking services to its customers...
Close Brothers appoints new NED
Close Brothers Group PLC has named Peter Duffy as an independent non-executive director...
What’s missing from the specialist banking market?
Two months ago, Specialist Banking published a feature looking at whether there was room for more banks in the sector...
TransferWise secures £65m syndicated debt facility
TransferWise has completed a £65m syndicated debt facility with NatWest, JP Morgan and LHV Bank...
EedenBull AS names non-executive chairman
New fintech company EedenBull AS has appointed Jeremy Nicholds as its non-executive chairman of the board...