Allica Bank – the fintech challenger bank dedicated to empowering Britain’s established small and medium sized businesses – is pledging to make over £1 billion in committed loan offers in 2022.
This is double the £500 million Allica targeted in 2021 – with the bank eventually offering over £540 million to Britain’s SMEs.
The new commitment comes during a period of accelerated growth as the bank scales to become a major force in serving British businesses, delivering the funding, technology and expertise needed at what is a crucial time for SMEs.
Alongside its ambitious loan commitment, and following feedback from its broker community, Allica recently announced that it has doubled the maximum customer exposure for asset finance to £1 million. This comes after the bank disclosed it had broken its monthly asset finance lending record three months in a row from January to March. The change will allow customers to access additional asset finance to help them achieve their goals.
The bank has also revealed it has boosted its maximum commercial mortgage customer exposure for care home customers to £10 million, in a strong show of support for the sector. The increase will help experienced operators looking to grow, as well as first-time buyers with demonstratable experience.
Richard Davies, Chief Executive Officer, Allica Bank, commented: “Allica exists to support Britain’s established small and medium sized businesses, which have been chronically underserved by the banking sector. We are therefore very proud that our bank’s strong performance has enabled us to commit to making £1 billion in committed loan offers to these firms in 2022. This is a pivotal moment in Allica’s journey towards becoming the lender of choice for British businesses.”
Nick Baker, Chief Commercial Officer, Allica Bank, commented: “We pride ourselves in listening to our broker community and taking direct action as a result. We heard that both SME care home operators and brokers are looking for a lender who can support not just the first acquisition but subsequent acquisitions too. We hope that by increasing our exposure to £10 million, we will support many more operators to strengthen and scale their businesses.
“Our asset finance proposition has come on in leaps and bounds since its launch in 2021. By doubling our maximum asset finance maximum customer exposure to £1 million, we will be able to support more SMEs to finance their ambitions as they look to bounce back from the pandemic. Allica will also be able to play a greater part in supporting businesses towards their sustainability and net-zero goals.
“Allica Bank is extremely well positioned to help brokers and Britain’s community of established SMEs strengthen and scale their businesses. In 2022, we will continue to develop our products and services, as we continue on our mission to reimagine relationship banking for SMEs.”