Allica Bank plans to lend £ 500million in 2021 after first year success
Last year the bank made £ 71million in new SME loans.
Image source: Richard Davies.
New commercial lender Allica Bank made an impressive £ 71million in SME lending last year, its first year of lending.
Most impressive is that the loans were all completed without involvement in the government-backed coronavirus loan programs, which dominated the landscape in 2020.
“We have seen phenomenal growth in our lending products, particularly commercial mortgages, with a significant increase in the number of SMEs and brokers selecting Allica Bank as the lender of choice ”, said the CEO Richard Davies.
By 2021, Davies expects the bank to make more than £ 500million in committed loan offers, with around £ 120million already in the market.
“While the majority of the attention in the market has been on Covid loan programs, we have seen strong demand for regular loans from established SMEs – and we expect this trend to continue to increase.” , did he declare.
To date, 85% of Allica’s loans have been made to companies outside London, and the CEO expects first quarter 2021 loans to match or exceed what the bank has achieved throughout. 2020.
“We continue to increase efficiency and improve customer service by optimizing our modern technology infrastructure, with loan requests being processed consistently within 24 hours,” Davies added.
“As attention turns to the recovery, Allica Bank is uniquely positioned to help brokers and the UK established SME community strengthen and grow their businesses. “