Redwood Bank has announced that it has now lent more than £250m to its customers in just less than three years.

The challenger bank has continued to lend money over the course of the COVID-19 pandemic, helping several small and medium sized enterprises (SMEs).

Redwood said it has loaned almost £100m since the start of the year, around £60m of which has been since lockdown began on March 23. Having launched at the end of August 2017, the bank revealed it has reached the landmark figure of £250m just before it celebrates its third birthday.

As well as the lending milestone, Redwood said it is also applauding the fact that its business customers have also collectively saved £350m with them since it opened.

Redwood CEO and co-founder, Gary Wilkinson, commented: “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 into 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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