Allica Bank has increased its maximum asset finance loan from £250,000 to £500,000. The appointed coincides with three business development managers being taken on to further drive its broker distribution channel, the bank said. 

Arshad Miah joins Allica with 14 years’ experience in banking and finance to manage its asset finance broker relationships in the Midlands and East Anglia regions. 

He said: “Asset Finance is an invaluable offering to SMEs, enabling them to acquire business-critical assets whilst spreading the cost over a fixed term – it helps them to grow, expand and stay ahead of their competition. 

“The Government’s recent super deduction tax break announcement makes this form of finance further appealing to SMEs – allowing them to protect profits when investing in their business assets,” he said. 

Ben Green has worked with SMEs for the last seven years, both in banking roles and as a broker. He will be focused on supporting commercial mortgage brokers and their clients in the West Midlands. 

Allica’s new central business development manager, Sam Roberts, will be focused on building an active and engaged panel of brokers in the asset finance market.

He says his five years’ financial services experience specialising in haulage, logistics and construction will help to build Allica’s asset finance offering: “I joined Allica because I was excited by the challenge of building its asset finance division … and have been impressed by how well Alica performed during the pandemic.”

Nick Baker, managing director for intermediaries at Allica Bank, said the investment in two new BDMs is part of a strategy to ensure the bank provides the very highest levels of service to its broker partners.

He added: “Arshad, Ben and Sam have the experience and understanding to know what solutions and approaches make brokers’ lives easier.” 

Commenting on the increase in its maximum commercial mortgage and asset finance loans, Baker said: “Our recent quarterly broker survey showed this is what our broker panel wanted.