Allica Bank is the first non-CBILS lender to join the Recovery Loan Scheme

By Joy Dumasia

Allica Bank has been accredited for the Recovery Loan Scheme (RLS), becoming the first Bank outside of the original CBILS lenders to be approved for the Scheme. 

The Scheme supports access to finance for UK businesses as they recover and grow following the pandemic. Funds can be used for any legitimate business purpose, including managing cash flow, growth and investment. It is designed to appeal to businesses that can afford additional finance for these purposes. It has provided vital support to many, giving them the resources to adapt to the opportunities the pandemic has presented, such as diversifying their product offering or adapting their logistics strategy. 

Under RLS, Allica Bank will be offering asset finance, to begin with, followed by commercial property finance next year. It will mean that even more businesses can benefit from Allica Bank’s relationship and tech-driven service, enabling the Bank to accept applications from companies that may have fallen outside its standard lending criteria. 

Allica Bank received full banking authorisation from the Prudential Regulatory Authority (PRA) in September 2019 and focused on what it calls the underserved established SME market. As well as asset finance, it also offers businesses commercial mortgages and savings accounts and plans to launch a business current account in early-2022. 

Conrad Ford, Allica‘s Chief Product Officer, said: “To be the first non-CBILS lender to be approved for the Recovery Loan Scheme is a real boon for Allica. Our mission, since day one, has been to empower established SMEs with expert human support, backed up with a seamless digital experience. These features have never been more important for business owners than during this pandemic, and we’re pleased that established SMEs affected by it will now have even more choice. This comes at a vital time as businesses emerge from the pandemic with their sights set on expansion, growth and diversification. With greatly improved mitigation of risk, there is now even more scope to reach the established SMEs in the UK who may benefit from additional support.”