Since the start of the year, the challenger bank has lent nearly £100m, around £60m of which has been since Covid-19 lockdown restrictions began on 23rd March.
Gary Wilkinson, CEO and co-founder of Redwood Bank, said: “We’re completely committed to, wherever possible, helping businesses grow, refinance and diversify, particularly as many are now having to deal with the consequences of Covid-19 — and our figures speak for themselves.
“Reaching this momentous milestone in just under three years shows that we have had, and still have, a strong appetite to lend.
“Being such a dynamic and flexible bank meant we could easily adapt our ways of working throughout the lockdown and it’s clearly worked, as customers are still putting their trust and faith in us.
“As lockdown measures continue to ease, now is the time for SMEs to start getting back on their feet, and we’re here, ready and waiting to support them.”
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Since Redwood Bank launched in 2017, its business customers have collectively saved £300m with them.
The bank confirmed that no employee was furloughed during lockdown, and has continued to actively recruit during recent months. During the Covid-19 period 10 new employees joined Redwood, with one due to start shortly and 14 new roles currently being recruited.
Redwood offer British businesses simple, transparent loans and savings accounts backed up with tailored service and efficient systems.