Allica Bank has launched a new long-term sub hire product as part of its growing asset finance proposition.
The 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.
The new offering complements Allica’s existing 180-days short-term sub hire product, which launched in 2021.
The new long-term sub hire product is available for hard assets including wheeled and tracked plant and machinery.
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 asset finance underwriting 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.”
