Business lenders White Oak UK and Spotcap have entered into a partnership with the aim of improving access to finance for UK businesses.
White Oak UK’s offering includes asset finance, commercial mortgages and business finance, while Spotcap provides fully unsecured business loans, without the need for a personal guarantee.
Keen to expand their offering, White Oak and Spotcap will now work on a referral basis when being contacted by businesses directly. That way, both lenders hope to support a larger number of companies with a wider range of needs.
The new-found partnership has already benefited businesses such as a wholesaler based in Oxfordshire. The company, which sells medical equipment, initially reached out to White Oak UK looking for a business loan to manage their cash flow. As the wholesaler didn’t want to provide any debentures or guarantees, White Oak UK made the referral to Spotcap. Due to stable sales numbers, growing profits and well-managed bank accounts, the lender was able to provide a fully unsecured £50k loan for 12 months with no personal guarantee required.
Kevin Vendel, head of sales at Spotcap, said: “UK businesses need access to the right funding to thrive. But with so many different solutions out there, that can be challenging. If one lender doesn’t have the right solution, why not establish a partnership with another one to compliment the offering?”
Chris Heeley, credit director at White Oak UK, added: “As the relationship with Spotcap progresses, I’m certain that we will continue to work together to maximise the opportunities and facilities available to further build on the foundations we have already laid in respect of supporting UK SMEs.”