Allica closes £1.9m remortgage deal for Glazing Vision
Allica Bank has completed a £1.9m remortgage for Glazing Vision, a manufacturer of bespoke glass rooflights.
The deal was completed in six weeks, from initial enquiry through to drawdown, and has allowed the Norfolk-based company to finance its further international expansion.
Glazing Vision employs more than 100 people and has been in business for over 25 years; the company was looking for funding to help support its growth plans, but found it challenging to find the right banking partner to support its growth.
Allica Bank recently reported that it has received over £1bn of SME lending enquiries since the end of the first national lockdown, and has made over £100m of committed loan offers to these businesses.
Jon Shooter, managing director of Glazing Vision, said: “It was tough finding a bank we could work with to find the finance we required, we’d been let down by several banks.
“Securing funding with Allica, though, was a different story. We worked closely with a dedicated local business relationship manager who took the time to understand us and our ambitions for the business.
“Alternative banks spoke a good game, however they were not supported by their credit departments.
“Our local business relationship manager helped break down any walls for us and went the extra mile to assist in making the deal happen.
“We’ve got big plans for Glazing Vision domestically and internationally. And I look forward to working together with Allica Bank to make them a reality.”
Jonathan Prince, business relationship manager at Allica Bank, said: “Established and thriving businesses like Glazing Vision have been underserved by the market for a while, but 2020 has made this funding gap even more acute.
“The current focus for many lenders has understandably been on providing support to those businesses most at risk from the impact of COVID-19, but this has led to a sharp fall in funding for businesses outside of these schemes.
“At Allica, we’ve built a new type of bank that is committed to ensuring these companies can get access to the funding they need.”