Allica Bank to include soft assets in asset finance proposition

The firm will offer financial support to help businesses fund soft assets, and includes the likes of IT acquisition, telecoms or security equipment.

Allica Bank said the extension was in “direct response to extensive broker feedback” at the tail end of last year.

It added that this showed its “dedication to listening to its brokers and customers and adapting to a changing economy”.

The lender recently reached £200m in asset financing funding since its launch in 2021, and hits its £100m asset finance funding milestone around seven months ago.

Brandon Hall, head of sales for asset finance at Allica Bank, said: “In an incredibly challenging economic environment, we are pleased to support even more SMEs who have a clear ambition to continue to invest and grow, as evidenced by our reaching £200m in funding in just two years.

“Through our broker survey we received extensive feedback that soft assets were increasingly important and it’s vital for us to proactively support UK businesses and broker communities with the demand. We are therefore extremely pleased to extend our proposition to soft assets, and especially to provide it through the Recovery Loan Scheme, allowing us to offer more favourable terms.”

He added: “Allica is fast developing into a one-stop shop for asset finance brokers, and we will keep innovating to make sure our offer is centred on their insight.”