When we look back on a crazy year for businesses, we’re reminded of all the reasons why we’re still in the game ready to support those who need it: we’ve been forging real lasting partnerships and not just transactions because we believe in the businesses we back; we’re entrepreneurial through and through so we’re there to power SMEs that also share this vision; and as we were born from challenges, we’re relishing these new opportunities as something to overcome and not run from.
So, while we’re in the reflective mood, we’ve been crunching our numbers and they’re definitely ones to be proud of. From new lending records in regions around the UK to our growing number of returning customers – here’s our ‘22 in review.
£1.6bn to bolster British business
Despite the changing economic circumstances of the past year, we continued supporting businesses, lending £1.6bn.
There’s no timid moves with the businesses we’ve backed in 2022, with some of our most eye-catching partnerships including the transformation of the iconic Control Room B in the newly refurbished Battersea Power Station as well as a serviced aparthotel chain that’s continuing to expand across Europe.
Growing up North – our loan value explodes in Scotland and the North West
We back flourishing businesses across the country, not just in London. Over 60% of our lending in 2022 was to businesses outside of London, including exciting new loans in Scotland and across the north of England. Standout Scottish businesses we backed were a unique inland surfing destination, a new tech and digital hub in the heart of Glasgow and specialist dementia care facilities.
But our continued growth north of Watford doesn’t stop there. Across the north of England we’ve been funding everything from essential businesses like consumer debt advisers to quaint hotel groups set in the English countryside and coastline.
We’re coming home – in our thousands
The Lionesses aren’t the only ones that brought it home last year – our lending in 2022 supported the creation of thousands of new homes, seeing families take the first or next steps on the property ladder with circa 5,000 houses built with OakNorth funding in the last 12 months.
With OakNorth-backed homes popping up around the country, including major projects around Buckinghamshire, Worcestershire and Bedfordshire, these well-placed new builds are connecting people to all the important things in their life. Hayfield Homes’ modern, centrally located developments for example, make for easy commutes and keeping communities connected.
Over 40% of customers return to this winning partnership
When we support growing businesses, we lay the groundwork for lasting relationships in the future, which is why we’re thrilled that 41% of the businesses we back are repeat borrowers.
Being an OakNorth borrower is a club that entrepreneurs want to return to, and that many more are looking to be a part of each year. Forming these deep relationships is one of the ways we can offer personalised loan terms for each business.
3,400+ jobs and counting from OakNorth funding in the last 12 months
Big loan values will make the headlines, but it’s the multiplier effect of these loans that have the most meaning to individuals. Our funding created over 3,400 jobs in 2022, changing the lives of the people who make these strong companies what they are.
Hotels require receptionists, cleaners, bartenders etc.; care homes need nurses, chefs and carers amongst others; and manufacturers need engineers and assembly line workers. In the smaller regions we’ve funded outside of bigger cities, these new jobs are helping shape communities, creating a lasting impact beyond one initial loan.
Coming into 2023 we’re still open for business, so if you want to be part of our number this coming year, check out how our business loans can help you.