OakNorth has announced that lending to US businesses since July 2023 has surpassed $1 billion.

The results come after OakNorth announced in March that it had agreed to purchase Community Unity Bank (CUB), the home-grown, FDIC-insured community bank based in Birmingham, Michigan, in a stock-for-stock transaction.

The acquisition is designed to help the bank to expand its business lending throughout the US.

The neobank focuses on supporting lower mid-market business with revenues between $1 million and $100 million.

The company claims that with its support, businesses have been able to invest in growth, innovation, and market leadership, adding that its efforts have creating a positive multiplier effect in the communities and economies in which it operates.

OakNorth said it continues to see a significant opportunity in providing leading growth companies with the financial firepower to “make their American dream a reality.”

It highlighted the case of Ultimate Performance, the Manchester-headquartered provider of personalised training and nutrition programmes, which it has supported since May last year.

The firm has since opened two new sites in California and has more in the planning stages.

"Reaching this $1 billion milestone less than two years after launch is a huge achievement for our team and a testament to the strength of our offering,” said Ben Barbanel, head of debt finance at OakNorth, said. “We’ve brought a new level of flexibility and insight to the mid-market, enabling businesses to execute on their ambitions with speed and confidence.
“With demand continuing to grow, we’re incredibly excited about what the rest of 2025 holds."

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