Allica Bank has launched a long-term sub hire product for asset finance.
This product allows hire companies to lease equipment to customers for up to 36 months, with the option of fixed rate hire purchase agreements lasting up to 72 months.
The product is aimed at firms needing plant and machinery for specific projects, letting them return equipment when it is no longer needed.
This new offering sits alongside Allica’s existing 180-day short-term sub hire product.
Additionally, the long-term sub hire is open to hard assets such as wheeled and tracked plant and machinery.
Brokers applying for the product will continue to use Allica’s quick service, which the bank said sets it apart from others.
The launch comes after a busy March for Allica’s asset finance team, which processed over 1,000 applications worth more than £100m, of which more than 60% of these were approved.
Additionally, the operations team handled 660 cases for brokers, raised more than 500 sets of documents, and completed over 400 deals totalling £37m, with no missed customer service calls.
Carlie Southworth, operations manager for asset finance at Allica Bank, said: “March was a fantastic month for us, with more than £100 million in applications processed.
“This success is testament to Allica’s unique combination of technology and human expertise, allowing our team to manage record volumes of applications while continuing to deliver the personal service our brokers and their established SME clients have come to expect.
“At the heart of it, we’re here to support brokers and businesses with the fast, reliable finance they need to keep moving forward, no matter what challenges come their way.”
Jonathan Crook, head of underwriting – asset finance at Allica Bank, said: “We’re excited to launch this long-term sub-hire product to better serve brokers and the established businesses that rely on them.
“This product offers business owners a greater level of flexibility when it comes to equipment leasing, meaning value isn’t locked up in unused equipment.
“At Allica Bank we are committed to understanding and responding to the needs of the UK’s established SMEs by listening to them and our broker network.”
Crook added: “This flexible, responsive finance option means established SMEs can secure vital plant and machinery over time frames that suit their individual needs, supporting their ongoing growth.”
