Allica Bank SME lending contributes £5.8bn to UK GDP in 2024: report

Lending by Allica Bank to established tiny and medium-sized enterprises (SMEs) successful Britain contributed £5.8bn ($7.6bn) to GDP successful 2024.

The GDP publication included £2.2bn direct; £1.8bn indirect; and £1.8bn induced.

Allica Bank disclosed this information successful its recently commissioned study from Oxford Economics.

As per the report, the bank’s lending generated £1.4bn successful taxation revenues and supported much than 84,000 jobs successful the country, 1 successful each 440 jobs.

Allica Bank has expanded its operations since it began 5 years agone and issued its archetypal indebtedness successful March 2020.

Last year, it had provided much than £1.5bn successful loans to SMEs, with cumulative lending exceeding £3bn by that twelvemonth end.

This fig has present reached much than £3.5bn this twelvemonth truthful far.

Lending has supported employment crossed assorted regions, including astir 10,000 jobs successful the North West, 8,900 successful the West Midlands region, and 7,700 successful the East Midlands.

The effect connected employment stock was highest successful Wales and the North East.

Allica Bank’s attack includes exertion combined with a narration manager squad focused connected knowing SME requirements.

The squad is expected to treble its size wrong the year.

The merchandise of this probe follows a play of enlargement for Allica Bank, which precocious completed its 3rd acquisition by purchasing UK embedded concern institution Kriya.

This determination is intended to assistance the slope penetrate 10% of the established SME concern marketplace by 2028-end and aims to facilitate an archetypal £1bn successful moving superior concern for SMEs.

Allica Bank CEO Richard Davies said: "Established SMEs are the motor of Britain. Yet for excessively agelong they’ve been underserved by the incumbent banks and I’m delighted to spot this alteration arsenic challengers similar Allica enactment them successful ways which truly marque a difference.

“Every £1m successful lending issued by Allica enables our established SME customers to lend £2.4m to UK GDP, supply 35 jobs and £600,000 successful taxation revenue. That’s a nonstop interaction – creating jobs, unlocking concern and helping powerfulness maturation crossed each corners of the country.”

In April 2025, Allica reported a 55.2% summation successful nett aft tax, reaching £29.8m ($39.54m) successful 2024, compared with £19.2m successful 2023.

"Allica Bank SME lending contributes £5.8bn to UK GDP successful 2024: report" was primitively created and published by Leasing Life, a GlobalData owned brand.

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