Allica Bank has reported a sharp rise in asset finance broker confidence for the months ahead, according to its latest survey of more than 200 UK-based brokers. While just over 18% expressed concern about the next six months, over half (51.2%) now say they have a positive outlook, more than double the 24% recorded in the final quarter of last year. A further 30% remain neutral.
This renewed optimism comes despite mixed trading conditions. Some 42.5% of brokers cited a fall in asset finance applications so far this year, reflecting what Allica described as “the cautious approach some businesses have taken”. However, 28% of brokers reported an increase in applications, broadly in line with Q4, and 30% said volumes were largely unchanged.
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Allica pointed to the figures as evidence of the sector’s resilience despite a “challenging backdrop”. The bank has previously highlighted the £65 billion lending gap created as high street banks pull back from SME finance, leaving the UK with the lowest business investment rate in the G7.
Sectors driving the strongest activity remain unchanged from previous quarters, with transport and logistics, construction and manufacturing still “leading the way,” the bank said.
Brandon Hall, Head of Broker Sales – Asset Finance at Allica Bank, said it was “great to see broker confidence on the rise, especially when the media outlook hasn’t been so positive lately.” He added: “The broker survey shows a sector that’s determined to grow despite tough lending conditions, and Allica is keen to help these businesses succeed.”
Hall pointed to the bank’s recent launch of its lowest asset finance rate in three years for hard assets, saying this would “give brokers and their clients the boost they need to keep thriving.”
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By GlobalDataHenry Hemsley, founder of EFT Finance, said his firm was “seeing a renewed excitement in the conversations” with clients. “Even though businesses are still cautious, there’s a lot more focus on the future and how to prepare for it,” he said, adding that working with a challenger bank that “listens and can act quickly” helps brokers secure opportunities vital to their clients’ growth.
