The business bank Allica Bank, which focuses on working with well-established companies has provided asset finance totalling more than £500m ($625m).

With the debut of its asset finance division in January 2021, Allica boasts to have lent nearly twice as much in the last 12 months than it did in the two years prior combined.

This comes as the bank achieved its first full year of profitability in 2023 and that it has now financed more than £2bn for reputable firms, with commercial mortgages accounting for the majority of its loans.

Last year, it also introduced a new growth finance product aimed primarily at providing flexible financing for expanding enterprises.

Moreover, the number of applications for asset finance that Allica receives each month has increased from 450 in 2022 to over 750 on average.

The rise in applications is due to its ability to provide brokers with choices quickly and consistently, which is made possible by a combination of people and technology.

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In 2023, Allica added 19 new members to its sales support team and increased the number of business development managers on staff by 40%. Meanwhile, the team’s auto-decisioning mechanism allows them to focus more of their time on providing value rather than administrative tasks.

The financial institution likewise experienced growth as a result of adding soft and medium assets to its portfolio, for which it has already received applications totalling close to £50m.

Additionally, it has also been an outspoken supporter of the Recovery Loan Scheme, which has enabled it to fund applications that would otherwise fall outside of its credit capacity.

Allica Bank’s head of asset finance sales, Brandon Hall, stated: “Allica has built a reputation among brokers for fast and consistent decision-making, supported by top-class customer service. You can see this in our broker satisfaction surveys, in which 89% rate our service as good or excellent.

“The whole Allica team is incredibly grateful to our broker community for their support and feedback, without which we would never have reached this milestone. We are looking forward to working closely with them as we build out our proposition even further. By continuing this partnership, I am sure we’ll soon be celebrating £1bn of asset finance lent to help established businesses achieve their goals.”