London’s challenger financial institution guarantees to make over £1bn price of mortgage presents in 2022

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A London fintech challenger bank has pledged to raise over £1bn in 2022

Allica Bank’s mission is to strengthen the UK’s established small and medium-sized businesses. The new commitment comes at a time of accelerated growth as the bank is emerging as a major force serving UK businesses.

As well as its loan commitment, Allica also announced that it has doubled the maximum client commitment for asset finance to £1m. This comes after the bank announced it broke its monthly asset lending record for three consecutive months from January to March. The change will allow customers to access additional wealth financing to help them achieve their goals.

The bank has also announced that it has increased its maximum exposure to commercial mortgage customers to £10m for care home customers, in a strong sign of support for the sector. The increase will help experienced operators looking to grow, as well as first-time buyers with proven experience.

Richard Davies, Chief Executive Officer of Allica Bank, commented: “Allica exists to support the UK’s established small and medium-sized businesses that are chronically underserved by the banking sector.

“We are therefore very proud that our bank’s strong performance has enabled us to make £1 billion of firm loan offers to these companies in 2022.”

Nick Baker, Chief Commercial Officer, Allica Bank, said: “We pride ourselves on listening to our broker community and taking direct action as a result. We have heard that both medium-sized nursing home operators and brokers are looking for a lender who can support not only the initial acquisition but also subsequent acquisitions.

“We hope that by increasing our commitment to £10m we will be helping many more operators to strengthen and scale their businesses.”

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