Allica Bank has reached the milestone of lending over £500m in asset finance.

The business bank, which launched its asset finance arm in January 2021, said that it has lent over the past 12 months almost double the amount it lent in the previous two years combined.

The milestone follows on from Allica revealing that it achieved its first full year of profitability in 2023, and has now lent over £2bn to established businesses, with the majority of its other lending in commercial mortgages.

Allica also launched a new growth finance product in 2023, which is designed specifically to provide flexible finance for growing businesses.

The bank is now seeing an average of over 750 applications for asset finance each month, which is up from 450 in 2022. The bank said that the jump in applications is down to being able to deliver consistent and fast decisions to brokers through a mix of technology and people.

Head of asset finance sales at Allica Bank, Brandon Hall, said: "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."

---