Allica Bank, a business bank targeting UK SMEs with 10 to 250 employee​s, has lent over £500 million in asset finance, according to a press release.

Since the inauguration of its asset finance division in January 2021, Allica Bank has experienced significant growth, boasting nearly double the lending volume of the previous two years combined over the past 12 months.

This milestone follows closely on the heels of the bank’s news that it attained its first full year of profitability in 2023.

This comes following the bank recently revealing that it achieved its first full year of profitability in 2023, and that it has now lent a total of over £2 billion to established businesses (with the majority of its other lending being in commercial mortgages). 

Allica Bank has also reported a surge in asset finance applications, with an average of over 750 applications received monthly, up from 450 in 2022. Allica has bolstered its business development manager team by 40% in 2023 and expanded its sales support team to include 19 individuals.

Moreover, the bank’s product portfolio has witnessed expansion to include soft and medium assets, resulting in an influx of nearly £50 million in applications. It has also been a notable proponent of the Recovery Loan Scheme, which has allowed it to support applications that would otherwise sit outside its credit appetite.

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With a steadfast commitment to serving the evolving needs of SMEs, Allica Bank continues to carve a niche in the financial landscape, underpinned by its strategic initiatives and customer-centric approach.

Allica Bank’s Head of Asset Finance Sales, Brandon Hall, said: “Allica has built a reputation among brokers for fast and consistent decision-making, supported by top-class customer service. You can see this in our broker satisfaction surveys, in which 89% rate our service as good or excellent.

“The whole Allica team is incredibly grateful to our broker community for their support and feedback, without which we would never have reached this milestone. We are looking forward to working closely with them as we build out our proposition even further. By continuing this partnership, I am sure we’ll soon be celebrating £1 billion of asset finance lent to help established businesses achieve their goals.”

Allica Bank swings to pre-tax profit of £16.09m in 2023