Allica launches asset finance as it expands SME services
Allica Bank has launched its asset finance offering for UK small to medium enterprises (SMEs).
Eligible businesses can unlock up to £250,000 in finance, with an advance of up to 100% and a maximum term of seven years.
Allica Bank’s asset finance offering will provide access to capital for SMEs purchasing the equipment they need to drive productivity and expand.
Assets funded include manufacturing equipment, production equipment, transportation, plant and machinery, materials handling equipment and agriculture.
As one of the worst-hit segments of the economy during the pandemic, Allica Bank believes that the recovery of the SME community is central to the future economic health of the UK.
The bank said all brokers and partners will have access to the expertise of a dedicated relationship manager and, where necessary, be able to speak directly to Allica’s underwriters and operations teams. While customers should expect 24-hour decisions and same-day drawdowns.
In 2020, Allica Bank continued to support UK businesses through the pandemic and is now averaging over £30m per month in committed loan offers to support established SMEs.
The bank also recently announced that it will be growing its business relationship management team by over 50% to help service the surge in demand from brokers and their clients.
To celebrate the launch, Allica is offering an introductory offer for brokers until the end of March 2021, with straightforward pricing and offers to support their customers.
The development of the product suite was led by Richard Cameron (pictured), head of asset finance at Allica Bank, who has over 25 years of experience in the financial services industry and an extensive background in asset finance.
Cameron said: “Throughout the pandemic, Allica Bank has been proud to continue to support brokers with access to the funding their clients need to thrive.
“I’m pleased that our new asset finance product offering opens up a new avenue to give this underserved market the tools they need to succeed.
“At Allica, we are combining tailored expertise, local relationships and powerful technology to create a bank dedicated to the needs of established SMEs.
“We are especially focused on the broker community, whose knowledge of the market will be vital during this challenging time.
“Through our bespoke Introducer Portal and dedicated business relationship managers, we are committed to providing our broker partners with the clarity, consistency and open communication they need to get their job done seamlessly.
“Allica is here to work collaboratively with businesses and brokers for the long-term, supplying the finance and tools to help get the British SME economy moving again.”