Alika Bank – the UK-based Fintech Challenger Bank dedicated to empowering small and medium-sized businesses – is pledging to offer £ 1 billion in loans by 2022.
This doubles Alika’s target of £ 500 million in 2021 – the bank finally offers more than £ 540 million in UK SMEs.
The new commitment comes at a time of rapid growth when banks have become a major force in providing British business services, providing the funds, technology and skills needed for SMEs at a crucial time.
In addition to its ambitious loan promises, and following the response from its broker community, Alika recently announced that it has doubled its maximum client exposure to asset financing to 1 million. The bank released it after breaking its monthly asset finance transaction record for three consecutive months from January to March. The change will allow customers to access additional resources to help them achieve their goals.
The bank also revealed that it has raised its maximum commercial mortgage customer exposure for care home customers to £ 10 million, in a strong showing for the sector. This increase will help experienced operators who want to grow, as well as a demonstrable experience with first-time buyers.
Richard Davis, Chief Executive Officer, Alika Bank, commented: “Alika exists to support UK-based small and medium-sized businesses, which have long been missing from the banking sector. So we are very proud that the strong performance of our bank has enabled these companies to offer £ 1 billion in loans by 2022. This is a significant milestone in Alika’s journey towards becoming the preferred lender for British businesses. “
Nick Baker, Chief Commercial Officer, Alika Bank, commented: “We are proud to hear from our broker community and to take direct action as a result. We have heard that both SME care home operators and brokers are looking for a lender who can support not only the first acquisition but also the next one. We hope that by increasing our exposure to 10 million, we will be able to help many more operators strengthen and scale their business.
“Our asset finance proposal has been on the rise since its launch in 2021. By doubling the maximum customer exposure of our highest asset finance to 1 million, we will be able to support more SMEs in financing their ambitions as they seek to return. From the epidemic. Alika will be able to play a major role in supporting the business towards their sustainability and net-free goals.
“Allica Bank is in a very good position to help brokers and the UK-based SME community strengthen and scale their business. In 2022, we will continue to develop our products and services as we continue our mission to redesign relationship banking for SMEs. “