Allica Bank supports SMEs with over £100m in asset finance funding
Allica Bank, the SME-focused challenger bank, has now provided established SMEs with over £100 million in asset finance funding since its launch in 2021.
The bank has worked closely with the broker community to help get the funding needed into the hands of SMEs.
There has been a significant increase in demand, especially in 2022, with £78 million being issued in 2022 alone.
The significant growth is made all the more remarkable against a backdrop of a challenged economy.
It has now targeted itself with doubling its £100 million asset finance loan book by the end of the year.
To help service the growing demand, Allica has increased the asset finance team by 50%, with new business development managers across the UK.
The bank, which has invested significantly into its own proprietary technology, has also announced a partnership with brokerage platform ConnectedFi.
The platform, which is used by more than 60 broker firms, gives brokers the option to submit asset finance applications through the ConnectedFi broker portal, helping to simplify and accelerate processing and decision-making time.
Brandon Hall, Head of Sales for Asset Finance at Allica, said the milestone highlights the resilience of the British SME community:
“Despite all the challenges of a post-pandemic, high-inflation world, established small and medium-sized businesses in the UK still have an insatiable appetite for funding to grow.
It’s incredible to have been a part of so many individual journeys, from helping our customers improve their efficiency with new machinery, to transforming how they move around with electric fleets.
We have high hopes for the future of business in the UK and we’re excited to be a part of it.
I especially want to thank our broker partners. They provide an invaluable service to SMEs, helping them find the right funder and the right finance to help their growth plans.
Their support of Allica since we launched in 2021 has been a key part of our own growth, too.”