Allica bank launches £10m EV fund dedicated to supporting businesses go electric

Allica Bank is offering a 50-basis point discount against its standard rates for electric vehicles to make going green more affordable

Allica Bank, the challenger bank dedicated to serving Britain’s established small and medium businesses, has launched a new £10m fund to support businesses with the purchase of electric vehicles (EVs), part of a wider initiative to help businesses reduce their carbon footprint and achieve sustainability targets.

The new fund has been introduced following Allica’s latest broker survey of its asset finance brokers, in which more than half (54%) of respondents stated the main reason for their clients seeking sustainability-based finance was to purchase electric vehicles.

Allica has also discounted rates to fund electric vehicles, with the bank offering a 50-basis point (bps) reduction on its standard hard asset pricing, available for a limited time from the 1st of November through to the 31st of December this year.

Brandon Hall, Head of Sales – Asset Finance at Allica Bank, says forward-thinking banks need to place added emphasis on making sustainability targets an easier task to reach: “Our latest survey of the broker community highlighted the growing demand from UK businesses looking for funding support to help improve sustainability, with making the switch to EVs top of the agenda.

“We hope that the new fund and rate reduction on electric vehicles will give brokers and their clients more opportunities to do that, along with the support of our award-winning business development team.”