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OakNorth offers business financing solutions that are far from “off the shelf” – forget algorithms that instantly approve/reject you for a run-of-the-mill business loan, OakNorth is all about bespoke fixed-term or revolving-credit loans based on individual needs and underwritten by human beings who look at more than just your collateral. And, it aims to do this without slowing down the process unduly.
It’s a direct lender (not a broker) that was founded in 2015 by business partners Rishi Khosla and Joel Perlman, after they had previously struggled to secure working capital to grow their own successful business. The pair wanted to help other new business owners by creating a lender that is “by entrepreneurs, for entrepreneurs”, and it’s fair to say they’ve created a business lender that’s different to most.
In 2017, OakNorth became the first challenger bank to partner with the British Business Bank in its Help to Grow programme, with the aim to support up to £1 billion of lending to fast-growth businesses by 2020.
The company has offices in London and Manchester, and has now lent almost £3 billion to businesses across the UK. If you’ve been turned down for credit from the mainstream banks because of a lack of assets for security or long-term accounts, OakNorth could be a good option for you.
If you are interested in a business loan from OakNorth, simply fill in the contact form on the website and a lending director will call you to discuss your needs.
As part of the loan process, you’ll be invited to a “loan committee” where you can discuss your business, plans for its growth and your funding requirements directly with the decision makers. The decision on your loan will ultimately be made by a panel.
There are several types of business financing out there – the list below isn’t exhaustive. The right option for your business will depend on factors like how much you need and when you need it, the collateral you have available to use as security, and the age, size and credit history of your business. You should consider your options carefully before taking out a business loan.
As well as the loan options listed above, you could also consider a business overdraft or a business credit card.
Saving time on expense reports and streamlining your cash flow are just a couple of the many perks you could enjoy with a business credit card. Compare interest rates and check your eligibility today.
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