Allica Bank pledges to complete over £1bn of committed loan deals in 2022
By Leandra Monteiro
- Allica Bank
- Challenger Bank
- credit management
Allica Bank, the FinTech challenger bank Empowering established UK small and medium-sized businesses pledges to revamp £1bn of committed loan deals in 2022. That’s double Allica’s £500m target in 2021 – with the bank ultimately offering over £540 million to UK SMEs.
The new commitment comes during a period of accelerated growth as the bank evolves to become a major force serving UK businesses, providing the finance, technology and expertise needed at a crucial time for SMEs.
Along with its ambitious lending commitment and following feedback from its brokerage community, Allica recently announced that it has doubled the maximum client exposure for asset finance to £1m. It comes after the bank revealed it broke its monthly record for asset finance lending three months in a row from January to March. The change will allow customers to access additional asset financing to help them achieve their goals.
The bank also revealed it had increased its maximum exposure to commercial mortgages for care home customers to £10million, in a strong show of support for the sector. The increase will help experienced operators looking to expand, as well as first-time buyers with demonstrable experience.
Richard Davies, Chairman and CEO, Allica Bank, commented: “Allica exists to support established small and medium-sized businesses in Britain, which have been chronically underserved by the banking sector. We are therefore very proud that the strong performance of our bank has enabled us to commit to delivering £1bn of secured loan offerings to these businesses in 2022. This is a pivotal moment in the journey of ‘Allica to become the lender of choice for UK businesses.
Nick Baker, Commercial Director, Allica Bank, commented, “We pride ourselves on listening to our brokerage community and acting directly on it. We’ve heard that retirement home operators and SMB brokers are looking for a lender that can support not just the first acquisition, but subsequent acquisitions as well. We hope that by increasing our exposure to £10m, we will help many other operators to strengthen and scale their businesses.
Our asset finance proposition has come on leaps and bounds since its launch in 2021. By doubling our maximum asset finance client exposure to £1m, we will be able to help more SMEs finance their ambitions as they seek to rebound. the pandemic. Allica will also be able to play a greater role in supporting companies towards their sustainability and zero-emissions goals.
Allica Bank is extremely well placed to help brokers and the established UK SME community to strengthen and grow their businesses. In 2022, we will continue to develop our products and services, while pursuing our mission to reinvent relationship banking for SMEs.
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