Allica Bank extends funding range to include soft assets as it hits £200m of asset finance lending
Allica Bank, the fintech challenger bank dedicated to supporting UK small and medium businesses, has extended its asset finance proposition to include soft assets to meet the demand from its brokers and customers. The bank is offering financial support to help businesses finance soft assets, which may include the acquisition of IT, telecoms or security equipment, and further increasing the ways that businesses can increase their cashflow.
This launch comes as the bank reaches a £200 million milestone in asset financing since its launch in 2021 and follows its £100 million milestone met just seven months ago.
Allica Bank says that the extension of its asset finance proposition comes in direct response to extensive broker feedback received in Q4 2022, evidencing Allica’s dedication to listening to its brokers and customers, and adapting to a changing economy.
Allica has also been accredited to the new iteration of The British Business Bank’s Recovery Loan Scheme (RLS), where it had already extended its asset finance offering to include medium assets such as broadcast, garage and textile equipment, robotics and more. Businesses can apply to access Allica’s hard, medium and soft asset finance through the RLS.
Brandon Hall, Head of Sales for Asset Finance at Allica Bank, said this is a significant milestone for the asset finance team: “In an incredibly challenging economic environment, we are pleased to support even more SMEs who have a clear ambition to continue to invest and grow, as evidenced by our reaching £200 million in funding in just two years.
“Through our broker survey we received extensive feedback that soft assets were increasingly important and it’s vital for us to proactively support UK businesses and broker communities with the demand. We are therefore extremely pleased to extend our proposition to soft assets, and especially to provide it through the RLS, allowing us to offer more favourable terms.
“Allica is fast developing into a one-stop shop for asset finance brokers, and we will keep innovating to make sure our offer is centred on their insight.”