20 hours Ago By Lauren Towner
Allica Bank, the leading UK challenger bank for established businesses, today launches a new long-term sub hire product as part of its growing asset finance proposition.The innovative product means hire companies can hire the equipment to their customers for up to 36 months and opt for a fixed rate hire purchase agreements of up to 72 months. For hirers, this means equipment and machinery can be hired for the duration of specific projects and returned, ensuring value isn’t locked up in assets and machinery that aren’t being used.
This unique offering complements Allica’s existing 180-days short-term sub hire product, which has proven popular since its launch in 2021.The new long-term sub hire product is available for hard assets including wheeled and tracked plant and machinery, and brokers interested in applying will also continue to benefit from Allica’s trademark fast service and flexibility which sets the bank apart from more traditional lenders.The product launch comes on the back of a record-breaking performance for Allica Bank’s asset finance team in March.
The asset finance team processed more than 1,000 applications valued at more than £100 million through March, with more than 60% of these applications approved. The operations team meanwhile handled 660 applications on behalf of brokers, raised over 500 sets of documents, and completed over 400 cases, totalling £37 million, all without missing a single customer service phone call.All of this was achieved while maintaining Allica’s 24-hour SLA for credit decisions and pay-outs, ensuring that brokers and their clients received seamless, fast service despite the high volume of activity.
Carlie Southworth, Operations Manager for Asset Finance at Allica Bank, said:“March was a fantastic month for us, with more than £100 million in applications processed. This success is testament to Allica’s unique combination of technology and human expertise, allowing our team to manage record volumes of applications while continuing to deliver the personal service our brokers and their established SME clients have come to expect.“At the heart of it, we’re here to support brokers and businesses with the fast, reliable finance they need to keep moving forward, no matter what challenges come their way.
”Jonathan Crook, Head of Underwriting – Asset Finance at Allica Bank, added: “We’re excited to launch this long-term sub-hire product to better serve brokers and the established businesses that rely on them. This product offers business owners a greater level of flexibility when it comes to equipment leasing, meaning value isn’t locked up in unused equipment.“At Allica Bank we are committed to understanding and responding to the needs of the UK’s established SMEs by listening to them and our broker network.
This flexible, responsive finance option means established SMEs can secure vital plant and machinery over time frames that suit their individual needs, supporting their ongoing growth. Allica Bank continues to go from strength to strength and recently reported pre-tax profits of £29.9 million in 2024 – nearly double that achieved in 2023.
This growth, alongside a £3 billion lending milestone, underscores Allica’s commitment to supporting established SMEs with innovative and flexible finance solutions.The post Allica Bank Launches Long-Term Sub Hire Product and Celebrates Record-Breaking Month in Asset Finance appeared first on FF News | Fintech Finance..
