Allica Bank business loan
Who qualifies, and the alternatives if you're declined. Typical criteria: Established companies; business loans need at least three years of filed accounts and are secured by a personal guarantee from the directors who are ultimate beneficial owners. Asset-backed deals welcomed. Ticket range £25k to £150k (business loans); up to £15m (commercial mortgages). If the bank declines, the specialist UK lenders below may consider some cases the high street turns down. This is information, not a credit decision.
Quick verdict
- Owner: Allica Bank Limited.
- Ticket band: £25k to £150k (business loans); up to £15m (commercial mortgages).
- If declined, the first 3 of 4 alternatives to look at are: Funding Circle, iwoca, OakNorth (£1m+).
At a glance
- What they offer
- Challenger bank for established SMEs: business loans of £25,001 to £150,000, asset finance of £25k to £2.5m and commercial mortgages of £150k to £15m (Allica's own ranges). PRA-regulated UK bank with FSCS deposit protection on eligible deposits.
- Owner entity
- Allica Bank Limited
- Ticket range
- £25k to £150k (business loans); up to £15m (commercial mortgages)
- Typical criteria
- Established companies; business loans need at least three years of filed accounts and are secured by a personal guarantee from the directors who are ultimate beneficial owners. Asset-backed deals welcomed.
- Decision pattern
- Business loans: an online decision in principle first, then money in days, by Allica's account. Asset finance and commercial mortgages go through a relationship manager and take longer.
Common decline reasons
- Fewer than three years of filed accounts (business loans).
- A loan need under £25,001, below its business loan range.
- Insufficient turnover or asset backing for the deal.
If you have been declined
For smaller or younger businesses, consider Funding Circle, iwoca or specialist alternatives. For larger deals with credit issues, OakNorth or a specialist commercial broker may help.
Alternatives to consider
- Funding Circle
- iwoca
- OakNorth (£1m+)
- Specialist commercial finance brokers
What to have ready before you apply
A UK bank or its lending partner will typically ask for the following before issuing a decision:
- Two years of filed accounts plus current management accounts.
- Six to twelve months of business bank statements.
- Director identification and proof of address.
- A clear written summary of how the funds will be used and how they will be repaid.
- Personal guarantee paperwork for limited-company directors (standard for most SMB bank facilities).
This is a generic UK SMB-bank application checklist. Allica Bank may ask for additional documents specific to the facility type or sector.
FAQ
How big a ticket does Allica Bank cover?
£25k to £150k (business loans); up to £15m (commercial mortgages). How Allica Bank makes the decision, and how long it takes, is under At a glance above.
Why does Allica Bank decline applications?
First on the list: Fewer than three years of filed accounts (business loans). The rest are listed under Common decline reasons above.
What should I do if Allica Bank declines my application?
For smaller or younger businesses, consider Funding Circle, iwoca or specialist alternatives. The next steps are under If you have been declined above.
What are the best alternatives to Allica Bank?
It depends on why you were declined and how much you need. We list 4 options under Alternatives to consider above, each with what it suits.
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