Since January, the lender has made numerous changes to its specialist lending offering, including upping the maximum loan size for its commercial mortgages from £2m to £3m and its maximum asset finance loan from £250,000 to £500,000. 

The bank has also expanded into Scotland and extended its offer to provide qualifying commercial owner-occupied mortgages at a reduced interest rate of 3.5% into Q4, as well as launched a new specialist commercial mortgage product for care homes.

Since it opened its doors in March 2020, Allica Bank has committed over £600m of loans to SMEs.

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The lender is looking to continue its growth with the introduction of new propositions, including the beta launch of its business rewards account later this year.

Richard Davies, chief executive at Allica Bank, said: “The year to date has seen Allica deliver an outstandingly strong performance in supporting Britain’s entrepreneurs and established SMEs throughout the continuing challenging environment. 

“The investment we have made developing our relationships with SMEs and our brokers is proving highly successful, together with the ongoing programme of digital and operational efficiencies. 

“We have seen impressive growth across our lending products with a significant increase in SMEs choosing Allica as their lender of choice.

“Looking ahead, we will continue to leverage our excellent technology capability alongside unsurpassed personal service.

“We are particularly encouraged by emerging trends we are seeing in the SME market, including increasing signs of confidence to accelerate growth in their business — even among those sectors hardest hit, such as the leisure and licensed industries — and brokers responding to this with the expansion of their lending panels to explore alternative lending solutions.”