Allica Bank Asset Finance Lending: Surpasses £500m Milestone

Allica Bank, a business bank, has surpassed £500 million in asset finance lending, doubling previous years' lending. Learn more about their success in commercial mortgages.

Allica Bank, a business bank focused on serving established businesses, has announced that it has surpassed the milestone of lending over £500 million in asset finance. Since the launch of its asset finance arm in January 2021, Allica has experienced significant growth, with lending nearly doubling compared to the previous two years combined. This achievement comes on the heels of the bank's recent announcement of its first full year of profitability in 2023, bringing its total lending to established businesses to over £2 billion, with a focus on commercial mortgages.

In addition to its core lending activities, Allica introduced a new growth finance product last year, tailored to meet the needs of growing businesses. The bank has seen a surge in applications for asset finance, with an average of over 750 applications received each month, up from 450 in 2022. Allica attributes this increase to its ability to provide quick and consistent decisions to brokers, leveraging a combination of technology and human expertise.

To support its growing customer base, Allica expanded its business development manager team by 40% in 2023 and bolstered its sales support team to 19 members. The implementation of an auto-decisioning system has allowed the team to focus more on value-added tasks rather than administrative duties. Furthermore, the bank's product offering now includes soft and medium assets, resulting in nearly £50 million in applications.

Allica has also played a key role in supporting businesses through initiatives such as the Recovery Loan Scheme, enabling it to assist applications that may fall outside its usual credit criteria. The bank's commitment to innovation and customer service has positioned it as a trusted partner for established businesses seeking financial solutions.

Allica Bank's impressive growth in asset finance lending underscores its dedication to supporting the financial needs of established businesses. With a strong focus on customer service, innovation, and product diversification, Allica continues to be a leading player in the business banking sector.