The bank said that it had offered around £540m in committed loans in 2021, which was above target, and that its new target came amidst a “period of accelerated growth”.
Allica Bank has also doubled the maximum customer exposure for asset finance to £1m. This comes after broker feedback and three months of record asset finance lending between January and March.
The bank said it had increased its maximum commercial mortgage customer exposure for care home customers to £10m, which it said would support experienced operators looking to expand, as well as first-time buyers with “demonstrable experience”.
Richard Davies, chief executive officer at Allica Bank, said: “Allica exists to support Britain’s established small and medium sized businesses, which have been chronically underserved by the banking sector.
“We are therefore very proud that our bank’s strong performance has enabled us to target making £1bn in committed loan offers to these firms in 2022. This is a pivotal moment in Allica’s journey towards becoming the lender of choice for British businesses.”
Nick Baker, chief commercial officer at Allica Bank, said it prided itself on listening to the broker community, and that increasing its customer exposure for care homes would help support more operators and grow their businesses.
He said: “Our asset finance proposition has come on in leaps and bounds since its launch in 2021. By doubling our maximum asset finance maximum customer exposure to £1m, we will be able to support more SMEs to finance their ambitions as they look to bounce back from the pandemic.
“Allica will also be able to play a greater part in supporting businesses towards their sustainability and net-zero goals.”
Baker continued: “Allica Bank is extremely well positioned to help brokers and Britain’s community of established SMEs strengthen and scale their businesses. In 2022, we will continue to develop our products and services, as we continue on our mission to reimagine relationship banking for SMEs.”
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