Nick Baker

Allica Bank set to lend £100m in Q1 2021

Allica Bank has ramped up its operational capacity and increased its lending capability to be able to support £100m in lending in Q1 2021.

This decision was made following a surge in demand for SME finance, which, since June, has caused a 235% increase in commercial mortgage applications to the bank.

To ensure the demand can be met, Allica quadrupled both its underwriting headcount and the number of lending support officers it employs since June.

The lender has also grown its number of customer service advisers by 25% over the same period.

Following feedback from brokers, Allica Bank also made a number of changes to its introducer portal to make it clearer and more intuitive for brokers to use.

The lender has confirmed that it will remain open to new customers throughout the second lockdown. 

The bank also pledged that, for every full application made during the lockdown, it will donate £100 to NHS charities.

Nick Baker, head of intermediaries at Allica Bank (pictured above), claimed: “The support available for our broker partners seeking funding for small businesses, outside of Covid loan schemes, has fallen drastically this year and looks set to drop further. 

“Our message to the broker community is simple — we are here to support you and are on hand to fill the significant funding gap that has emerged.
“Our current lending levels show that there is still huge demand in the market from SMEs, and that’s why we’ve been dramatically increasing lending capacity and working closely with brokers to ensure that this funding is reaching the businesses that need it.”

Dawn Bream, director at DB Commercial Finance Ltd, commented: “As a broker, I have found Allica Bank to be a refreshing change from other lenders.

"Despite being still new to the market, they have been very much open for business this year, when other lenders have not.”

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