Allica Bank

Allica Bank anticipates it will make over £500m in committed lending offers in 2021

Allica Bank has announced a “strong” first year of trading, having supported SMEs across the UK with £71m of completed loans since it started lending in March 2020.

It also has approximately £120m of committed lending offers currently in process of completion.

According to the bank, 85% of its lending is to businesses outside of London.

Its digital portal has attributed to a 24-hour turnaround time in processing loan applications. 

Allica Bank is on track to complete as much lending in Q1 2021 as it did during the whole of 2020, with aims to lend £100m following enhancements to its operational capacity and lending capability.

It anticipates it will make over £500m in committed lending offers this year.

The finance provider also plans to launch a direct service for SMEs in 2021, including recruitment for a branchless national network of relationship managers.

Richard Davies, chief executive at Allica Bank, said: “We have seen phenomenal growth across our lending products, especially commercial mortgages, with a significant increase in SMEs and brokers selecting Allica Bank as their lender of choice.

“While the majority of attention in the market has been on the Covid lending schemes, we have seen high demand for regular lending from established SMEs — and we expect this trend to continue to increase.” 

He added that the bank was well positioned to help brokers and Britain’s community of established SMEs strengthen and scale their businesses.

“In 2021, we will continue to develop our products and services, including investing in our new national relationship manager network and building on the recent launch of our asset finance proposition.

“We remain intensely focused on our ambition to reimagine local relationship banking for SMEs, combining our leading technology capability with excellent personal service and redoubling our efforts and ability to become the banking partner of choice to Britain’s SMEs and brokers.”

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