Allica Bank has completed over £500m in asset finance lending, having launched its asset finance arm in January 2021.
The firm also reported over the past 12 months it has lent almost double the amount it lent in the previous two years combined.
This comes following the bank recently revealing that it achieved it’s first full year of profitability in 2023, and that it has now lent a total of over £2bn to established businesses, with the majority of its other lending being in commercial mortgages.
Last year it also launched a new growth finance product, designed specifically to provide flexible finance for growing businesses.
Allica is now seeing an average of over 750 applications for asset finance each month, up from 450 in 2022.
Brandon Hall, Allica Bank’s head of asset finance sales, 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 £1bn of asset finance lent to help established businesses achieve their goals.”
