Allica Bank, a UK provider of financial services for SMEs, has announced the launch of its asset finance offering. 

The lender, which gained its banking licence in September 2019, said that eligible businesses can access up to £250,000 in finance, with an advance of up to 100% and a maximum term of seven years.

Allica Bank’s asset finance offering will provide vital access to capital for SMEs purchasing the equipment they need to drive productivity and expand. As one of the worst-hit segments of the economy during the pandemic, the recovery of the SME community is central to the future economic health of the UK.

The bank says all brokers and partners will have access to the tailored expertise of a dedicated relationship manager and, where necessary, be able to speak directly to Allica’s underwriters and operations teams. While customers should expect speedy, 24-hour decisions and same-day drawdowns.

The announcement comes after a strong year for the SME bank, which is averaging over £30m per month in committed loan offers to support established SMEs. The bank also recently announced that it will be growing its business relationship management team by over 50% to help service the surge in demand from brokers and their clients.

To celebrate the launch, Allica is offering an introductory offer for brokers until the end of March 2021, with straightforward pricing and offers to support their customers.

The development of the product suite was led by Richard Cameron, (pictured above) Allica Bank’s head of asset finance, who has over 25 years’ experience in the financial services industry and an extensive background in asset finance.

Cameron said: “Throughout the pandemic, Allica Bank has been proud to continue to support brokers with access to the funding their clients need to thrive. I’m pleased that our new asset finance product offering opens up a new avenue to give this underserved market the tools they need to succeed.

“At Allica, we are combining tailored expertise, local relationships and powerful technology to create a bank dedicated to the needs of established SMEs. We are especially focused on the broker community, whose knowledge of the market will be vital during this challenging time. 

“Through our bespoke Introducer Portal and dedicated business relationship managers, we are committed to providing our broker partners with the clarity, consistency and open communication they need to get their job done seamlessly.

“Allica is here to work collaboratively with businesses and brokers for the long-term, supplying the finance and tools to help get the British SME economy moving again.”

Allica Bank

Assets funded include manufacturing equipment, production equipment, transportation, plant and machinery, materials handling equipment and agriculture.