牛津经济研究院-生产性金融在行动：Allica银行贷款的经济足迹 PRODUCTIVE FINANCE IN ACTION THE ECONOMIC FOOTPRINT OF ALLICA BANKS LENDING

OXFORD

ECONOMICSNOVEMBER2025

PRODUCTIVEFINANCEINACTION:THEECONOMICFOOTPRINT

OFALLICABANK’SLENDING

AREPORTFORALLICABANK

ABOUTOXFORDECONOMICS

OxfordEconomicswasfoundedin1981asacommercialventurewithOxfordUniversity’sbusinesscollegeto

provideeconomicforecastingandmodellingtoUK

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Productivefinanceinaction:theeconomicfootprintofAllicaBank’slending

CONTENTS

Foreword 4

ExecutiveSummary 6

1.SMEfinancingintheUK 8

2.TheeconomicfootprintofAllicaBank’slendingin

theUK 14

AboutAllicaBank 26

Appendix:Methodology 28

AlldatashownintablesandchartsareOxfordEconomics’owndata,

exceptwhereotherwisestatedandcitedinfootnotes,andarecopyright©OxfordEconomicsLtd.

ThisreportisconfidentialtoAllicaBankandmaynotbepublishedordistributedwithouttheirpriorwrittenpermission.

Themodellingandresultspresentedherearebasedoninformation

providedbythirdparties,uponwhichOxfordEconomicshasreliedin

producingitsreportandforecastsingoodfaith.Anysubsequentrevisionorupdateofthosedatawillaffecttheassessmentsandprojections

shown.

Todiscussthereportfurtherpleasecontact:

JamesBedford:jbedford@

EvieJohnson:

ejohnson@

OxfordEconomics

4Millbank,LondonSW1P3JA,UKTel:+442039108000

NOVEMBER2025

3

4

Productivefinanceinaction:theeconomicfootprintofAllicaBank’slending

FOREWORD

Sixyearsago,Allicawasgranteditsbankinglicense–

followedbythekeymilestoneofourfirstloancompletinginMarch2020.WhileAllicahasexperiencedrapidgrowthsincethoseearlydays–welcomingover700colleaguesandbecomingthefastest-growingfintechinUKhistory–ourguidingmissionhasremainedunchanged:togive

establishedbusinessesthebankingtheydeserve.

Fromshopstomanufacturers,carehomestoaccountants,and

pubstologisticsfirms,establishedbusinesseskeepoureconomyturningandourcommunitiesthriving.Theyalsodriveinnovationacrosssectorsfrompharmaceuticalstoengineering.

Theseestablishedbusinesses–typicallywithbetween5and250employees–makeupathirdofUKemploymentandturnover.Yettheservicetheygetfromtheirbankisincreasinglyimpersonal,

inconvenient,andpoorvalue.Infact,recentresearchbyAllica

identifieda£65billionSMElendinggapthathasemergedoverthepast25years,restrictingtheirabilitytogrowandinnovate.

That’swhywe’reproudoftheinsightsuncoveredinthisreportbyOxfordEconomics,whichdemonstratethescaleofthepositiveimpactAllicaishavingontheUKeconomy.Bytheendof2024,Allicahadlentover£3billiontoestablishedUKbusinesses–andinthatyearalone,ourlendingsupported84,000Britishjobs,

contributed£5.8billiontoGDP,andgenerated£1.4billionintaxrevenuethatcanbereinvestedintopublicservices.

Importantly,Allica’slendingisreachingtheregionsthatareoftenmostunderserved,includingWales,theNorthEast,andtheEastMidlands,whichwillbecriticalasweleveluptheUKandgeneraterealeconomicgrowth.

I’dliketothanktheOxfordEconomicsteamfortheirworkonthisreport,applyingtheirtrademarkrigourfromtheoutset.AndI’dalsoliketothankourcustomers,investors,brokers,andpartnersfortheirvitalsupportthroughoutourjourney.

FinallyI’dliketothanktheAllicateam.Theirdedication,innovative

thinking,andpassionforgivingestablishedbusinessesapowerfulandrewardingbankingalternativeinspiresmeeveryday.As

thisreporthasshown,we’vealreadymadeourmark.ButtheopportunitytopowerBritain’sgrowthhasonlyjustbegun.

RichardDaviesAllicaBankCEO

THEECONOMICFOOTPRINTOF

ALLICABANK’SLENDINGIN2024

84,000jobssupportedbyAllicaBank’slending.

Direct:36,000Indirect:26,000Induced:22,000

Equivalenttooneinevery440UKjobs.

£5.8billioncontributiontoUKGDP.

Direct:£2.2billionIndirect:£1.8billionInduced:£1.8billion

60%ofgrosslendingtoUKSMEsnowmadeby

challengerandspecialistbanks.

AllicaBank’semploymentfootprintasashareofeachregion’s

labourmarketwashighestoutsideofLondonandtheSouthEast.

£0.6mintaxrevenue

Wales

N.East

E.Midlands

W.Midlands

Yorkshire&TheHumberN.West

EastofEngland

S.East

Scotland

S.West

£2.4mtoUKGDP

35jobs

£1.4billion

intaxrevenues.

Every£1millioninloansissuedcontributed…

0.30%0.28%

N.IrelandLondon

0.22%

0.21%

0.46%

0.26%

0.25%

0.38%

0.23%

0.33%

0.14%

0.14%

OXFORD

ECN0MICS

67

Productivefinanceinaction:theeconomicfootprintofAllicaBank’slending

EXECUTIVESUMMARY

UKSMEFINANCINGHASUNDERGONESIGNIFICANTCHANGESOVERTHE

PASTDECADE

Attheendoftheglobalfinancialcrisis,themajorUKbanksaccountedforthemajorityofbusinessloanstoSMEs.However,afteraseriesofgovernmentinitiativesand

regulatoryinterventions,newandspecialistbankshaveenteredthemarket,suchas

AllicaBank.Thesenewentrantsharnesseddigitallynativebusinessmodelsand

platformlendingtoreachSMEsseekingfundingacrossthecountry.

ThesechallengerandspecialistbanksnowlendmoretoSMEsthanthemajorUKbanks.TheshareoftotalgrosslendingtoSMEsbychallengerandspecialistbankswas60%in2024.

ALLICABANK’SLENDINGSUPPORTSASIZEABLEECONOMICFOOTPRINTACROSSTHEUK

AllicaBankhasestablisheditselfasthemarket

leaderforbroker-distributedlendingtoestablishedSMEsintheUK,havingbeengranteditsbanking

licencejustoverfiveyearsago.1ItisoneofmanynewchallengerbanksaimingtoprovideSMEswiththefundingtheyseekacrossthecountry.

1AllicaBank(2024),

AnnualReportandAccounts2023.

AccessedMarch2025

£5.8bn

TotalcontributiontoUKGDPsupportedbyAllicaBank’s

lendingin2024,or£1inevery£490ofUKGDP

Challengerandspecialist

84,000

Totalemploymentsupported

byAllicaBank’slendingin2024

60%

banks’shareoftotalgrossbanklendingtoUKSMEsin2024

Productivefinanceinaction:theeconomicfootprintofAllicaBank’slending

AllicaBank’slendinghasgrownrapidly.Having

issueditsfirstloansinMarch2020,AllicaBank’s

lendingtopped£3billionin2024.2TheseloanswereissuedtoSMEsacrossthecountry.WhencomparedtothedistributionofallSMElendinginGreatBritain,AllicaBankissuedarelativelyhighervalueofloanstoSMEsintheNorthWest,SouthEast,Eastof

England,andEastMidlands.

In2024,AllicaBank’slendingsupportedan

estimated£5.8billioncontributiontoUKGDP.Thisaccountedfor£1inevery£490ofeconomicoutputintheUK.

Bychannelofimpact,anestimated£2.2billioncontributiontoGDPwasdirectlyattributedtotheoperationsofAllicaBank’sSMEcustomers.

Thelargestshareofthiswassupportedinthe

retailandwholesale(21%)andtransportationand

storagesectors(18%).Thiswasfollowedbythe

administrativeservices,construction,andrealestatesectors,with11%ofthedirectGDPcontributioneach.

Weestimateafurther£1.8billioncontributionto

GDPwassupportedthroughtheSMEs’spending

intheUKsupplychain(indirectimpact).Moreover,thepaymentofwagessupportedanestimated£1.8billioncontributiontoUKGDP(inducedimpact).

Thistotaleconomiccontributionwasestimatedtohavesustainedaround84,000jobsacrosstheUKin2024.Italsosupportedanestimated£1.4billionintaxrevenuesfortheUKExchequerinthesameyear.

AllicaBank’seconomicfootprintisspreadacrosstheUK.SimilartothedistributionofAllicaBank’slending,thehighestnumberofjobssupported

wereintheSouthEast(10,000jobs).However,

relativetothesizeoftherespectiveregional

economies,totalemploymentsupportedbyAllicaBank’slendingasshareoftheregionallabour

marketswashighestinWalesandtheNorthEast(at0.46%and0.38%respectively).

Overall,ouranalysisindicatesthatforevery£1millioninloansissued,AllicaBank’slendingsupporteda

£2.4milliontotalcontributiontoUKGDP,35jobs,and£0.6millionintaxpayments,in2024.

2AllicaBank(2025),

AnnualReportandAccounts2024.

AccessedMay2025

SECTION1:

SMEFINANCINGINTHEUK

89

Productivefinanceinaction:theeconomicfootprintofAllicaBank’slending

Small-andmedium-sizedenterprises(SMEs)arevitaltolocalcommunitiesandthe

successoftheUKGovernment’sGrowthMission.TheUK’sSMEsaccountformorethanhalf(52%)ofprivatesectorturnover,andaroundsixinevery10privatesectorjobsheldacrossthecountry.SecuringexternalfinanceforSMEssupportsbusinessinvestmentandenablesexistingbusinessestogrowandnewbusinessestobeestablished.

1.1HOWSMEFINANCINGHASCHANGEDINRECENTYEARS

TheSMEfinancinglandscapehasundergone

Challengerandspecialistbanksnowlendmoreto

asignificantshiftinrecentyears.Attheendof

SMEsthanthemajorUKbanks.Theshareoftotal

theglobalfinancialcrisis,themajorUKbanks

grosslendingtoSMEsbychallengerandspecialist

accountedforthemajorityofbusinessloansto

bankswas60%in2024.Thiswasthehighestshare

SMEs.However,newentrantstothemarket—

onrecord,andthefourthconsecutiveyearthe

includingarangeofchallengerandspecialist

marketshareincreased(Fig.1),followingabrief

banks—haveincreasedtheirshareofthemarket

trendreversalin2020fromgovernment-backed

since,capitalisingonregulatorychangeand

emergencylendingschemesattheheightofthe

technologicaladvancement.

Covid-19pandemic.3

Fig.1:ShareofannualgrossbanklendingtoUKSMEs

%share

80 70 6050———一 4030 20 10 02012201320142015201620172018201920202021202220232024

ChallengerandspecialistbanksFivelargestbanksandsubsidiaries

Source:BritishBusinessBank

3BritishBusinessBank(2025),

SmallBusinessFinanceMarkets2024/2

5.AccessedMarch2025.Thefivelargestbanks

comprisedHSBC,Barclays,LloydsBankingGroup,NatWestGroup,andSantanderUKandtheirsubsidiaries.

Productivefinanceinaction:theeconomicfootprintofAllicaBank’slendingProductivefinanceinaction:theeconomicfootprintofAllicaBank,slending

CASESTUDY:

THEDEVILSSTONEINN,DEVON

SuzyCremerboughtthehistoricDevilsStoneInnin2021and,withthesupportofherhusbandLee,hastransformed

thepubintoathrivinglocalDevon

communityhub.Ithasbeenlistedin

theGoodBeerGuidein2024and2025.

Beingnewtothepubindustry,shehadtouseanexpensivebridgingfinance

loantomakethepurchase.However,afterbeingintroducedtoAllicaBank,sherefinancedusingacommercial

mortgageandisnowsaving£1,000amonthinrepayments.

Suzyhasputthoseextrasavings

backintothecontinueddevelopmentofthepub,includingenhancingits

accommodationandinstallinganoutdoorkitchenwithapizzaoven.

Itssorefreshingtohavesomebody

thattakesaninterestinthebusiness

andwhotakesthetimeoutto

actuallycomehereandvisitthe

premises.Itsareallyrefreshing

approachtomoderndaybanking.

SuzyCremer,OwnerofTheDevil’sStoneInn

1011

THENATUREOFTHESMEFINANCINGMARKET

TwocorefactssummarisethecurrentSME

financinglandscapeintheUK:themajorityof

SMElendingissecuredonphysicalassets;andthemajorityoflendingistolargerestablishedSMEs.

MostSMEloansarebackedbytangiblecollateral.In2023,aroundthree-quarters(77%)of

SMElendingwassecuredonphysicalassets.

Thisincludedbothloanswhereproperty(54%in2023)andotherassets(23%)wereusedas

thesecurityagainsttheloan.TheremainderofSMElendingwasusedforworkingcapital(7%in2023)andonunsecuredandgovernment-

backedloans(16%).

Fig.2:PercentageoftotalUKlendingtoSMEsbyloantypein2023

%oftotalSMElending

100

80

60

40

20

0

Workingcapital

7%

Assetfinance

23%

Unsecured+GovtBacked

16%

Securedonphysicalassets

77%

Otherpropertyloans

3%

Commercialinvestmentmortgages

23%

Securedon property

54%

Mortgagesonbusinesspremeses

29%

Source:AllicaBank,BankofEngland,UKFinanceNote:totalsmaynotsumduetorounding

Fig.3:PercentageoftotalvalueofSMElendingintheUKbySMEsizein2023

Themajorityoflendingistolargerestablished

MicroSMEs

23%

%OFTOTALSMELENDING

ESMEs

77%

SMEs.Nearly5millionmicro-businesseswith04employeesoperatedacrosstheUKeconomyin

2024,accountingfor90%oftheUKsbusiness

population.4However,itwasthelargerestablishedSMEs(ESMEs),with5250employees,which

accountedforthemajority(77%)ofSME

lending.Micro-businesseshavelowercapacity

toaccessandmanagedebtowingtotheir

smalleroperationsandaremorelikelytodrawonrelativelysmallerpersonalcredittoaccessfinanceratherthancommercialloans.

Source:AllicaBank,BankofEngland,UKFinance

4ONS,

BusinessPopulationEstimations2024

.AccessedMarch2025.MicroSMEsaredefinedasbusinesswith0-4employees.

Productivefinanceinaction:theeconomicfootprintofAllicaBank’slending

CASESTUDY:

RAINBOWPRODUCTIONS,LONDON

RainbowProductionsisagloballeaderinthemanufactureofcharactercostumemascots,basedinColliersWood.WithcustomersincludingtheOlympic

Games,FCBarcelona,worldwidefilm

premieres,andLEGOLAND®Resorts,itwasrecentlyawardedaKing’sAwardforEnterpriseinrecognitionofitssuccessininternationaltrade.

Inneedofextramanufacturingand

storagecapacitytomeetgrowing

globaldemand,RainbowapproachedAllicatoborrowmoneytoexpandintoanadditionalpremises.Allicawasabletoturnanofferaroundinjust10days,enablingthebusinesstoopenuptheextraspaceitneededtogrow.

We’vegotmanyyearsofgrowth

aheadofusandhavingAllicaon

boardwillnotonlyhelpusnowwith

theinfrastructurewe’vegotbut,

equally,drivebusinessforthefuture.

SimonFoulkes,ManagingDirectorof

RainbowProductions

1213

SECTION2:

THEECONOMICFOOTPRINTOFALLICABANK’SLENDINGIN

THEUK

14

Productivefinanceinaction:theeconomicfootprintofAllicaBank’slending

2.1ALLICABANK’SLENDING

AllicaBank’slendinghasgrownrapidly.

Fig.4highlightsthecontinuedgrowthofAllicaBank’slending,fromtheissueofitsfirstloansinMarch2020,tooriginating

morethan£1.5billionofloanstoSMEsin

2024.Inaggregate,AllicaBankhaslent

morethan£3billionasoftheendof2024.5

AllicaBanklendstoSMEsacrossGreatBritain.WhenbenchmarkedagainstallSMElendinginGreatBritain,AllicaBankissuedarelativelyhighervalueofloanstoSMEsintheNorthWest,SouthEast,EastofEngland,andEastMidlands,forexample.6Conversely,alowerproportionofAllicaBank’slendingwenttoLondon(18%)andtheSouthWest(6%),when

comparedtoallBritishSMElending(21%and13%respectively).

£million

1,600

1,200

800

400

0

Fig.4:LoansandadvancesissuedbyAllicaBankeachyear

1,508

861

792

283

46

20202021202220232024Source:AllicaBank

Fig.5:RegionaldistributionofAllicaBank’slendingandtotallendingtoSMEs

London

SouthEast

SouthWest

NorthWest

Scotland

WestMidlands

Yorkshire&theHumber

EastofEngland

EastMidlandsWales

NorthEast

6

4%3%

3%

4%

6%

9%

9%7%

9%

9%7%

7%7%

9%%

8%

13%

1613%

13%

218%

%

1%

0%5%10%15%20%25%

TotalSMElending(H12024)Source:AllicaBank,UKFinance

AllicaBanklending

%ofBritishtotalSMElending

5AllicaBank(2024),

Allicasmashes£3billioninlendingand£4billionindeposits

.AccessedMarch2025.

6UKFinance,

SMELendingwithinUKpostcodes

.AccessedFebruary2025.DataforH12024.AllicaBankdataon

organiclendingproductsused.AsAllicaBankdidnotlendtoanycustomersinNorthernIreland,thisanalysis

thereforefocusesonitslendinginGreatBritain(i.e.,excludingNorthernIreland).However,theproceedingeconomicimpactassessmentisconductedfortheUKasawholeandthereforedoesincludeNorthernIrelandandthespilloveractivitywhichissupportedthere.

15

1617

Productivefinanceinaction:theeconomicfootprintofAllicaBank,slendingProductivefinanceinaction:theeconomicfootprintofAllicaBank,slending

ProvidingfundingtoSMEsacrossallregions

ofthecountryisvitalforboostingeconomic

development.RegionalimbalancesinSME

lendingdoexistintheUK.Forinstance,when

thedistributionofSMEsisaccountedfor,Londonreceived1.7timestheaveragefinancingperSMEversustheUKasawhole.7SMEsindeprived

areas—thebusinesseslocatedinareaswithinthetop15%oftheirrespectivenationalIndex

ofMultipleDeprivation—havereportedbeinglessconfidentintheirabilitytogetloansfromtraditionalbankscomparedtoelsewhere.8

Reducingregionalimbalances,particularly

throughSMEs’accesstofinance,isthereforeakeypriorityofGovernmentandtheBritishBusinessBank,throughinitiativessuchastheNationsandRegionsInvestmentFundsandUnlockingPotential.9

2.2THEDIRECTIMPACTOFALLICABANK’SLENDINGINTHEUK

AllicaBank’seconomicfootprintstartswith

thebusinessactivitiesofitsSMEcustomers

themselves.Throughtheirownoperations,AllicaBank’sSMEcustomersgeneraterevenuesand

GDP,employstaff,andpaytaxes.AproportionoftheseimpactscanbeattributedtoAllicaBank’s

lending,astheseloansenabletheSMEstosustain,investin,andexpandtheirbusinessoperations,

knownasthedirectimpactofAllicaBank’slending.10

AllicaBank’slendingdirectlycontributed£2.2

billiontoUKGDPin2024.WeestimateAllica

Bank’sSMEcustomersgeneratedanestimated

£5.1billioninannualrevenueswhichcouldbe

attributedtotheirloanin2024,around6.5%of

thesebusinesses’totalrevenues.Ofthisloan-

relatedrevenue,weestimatetheSMEs’gross

operatingsurplus,employmentcosts,andnet

taxesonproductionsummedto£2.2billion—thisistheSMEs’directcontributiontoUKGDP.Toputthisfigureincontext,itisequivalentinsizetotheGDPgeneratedbytheUK’sclothesmanufacturingsector,ortheUK’stelecommunicationsequipmentmanufacturingsector.11

AllicaBank’slendingwenttoSMEsacrossthe

industrialspectrum.ReflectingtheSMEsitlendsto,thelargestdirectGDPcontributionswere

generatedwithintheretailandwholesalesector

(21%)andtransportationandstoragesector(18%).Thiswasfollowedbytheadministrativeservices,construction,andrealestatesectors,with11%of

thedirectGDPcontributioneach.

AllicaBank’slending

directlycontributed

£2.2billiontoUKGDP

in2024.

7UKGovernment/OliverWyman(2024),

BridgingtheUKSMEFinanceGap

.AccessedMarch2025.

8BritishBusinessBank(2025),

SmallBusinessFinanceMarkets2024/2

5.AccessedMarch2025.

9UKGovernment(2025),

Smallbusinessaccesstofinance

.AccessedMarch2025.

10TocapturetheshareoftheseSMEs’impactwhichisattributabletotheirloan,financialinputswerescaledbasedontheratioofthevalueofeachSMEs’loantothevalueofitsbalancesheet.DatawereprovidedforallofAllicaBank’sAssetFinance

loanoriginations,andits2024originationsofCommercialInvestmentMortgagesandBusinessLoansSecuredonProperty.Asthiswasnotthefullpopulationoforiginatedloans,resultswerescaledtothevalueofloansundermanagement

outstandingasof31December2024,totalling£2.4billion.ThisfigureexcludesAllicaBank’sforwardpurchasesofexistingbuy-to-letmortgagesandportfolioacquisitionsfromotherlenders.

11DefinedusingStandardIndustrialCodes14and26.3,respectively.DatafromtheONS.

Fig.6:DirectcontributiontoGDPin2024bysector

%contribution

21%

3%4%

8%2%

5%

8%

18%

11%

£2.2BILLIONTOTAL

11%11%

Retail&wholesale

Transport&storage

AdministrativeservicesConstruction

Realestate

Manufacturing

Accommodation&food

Otherservices

Financialservices

ProfessionalservicesOther

Note:totalsmaynotsumduetorounding

Source:AllicaBank,OxfordEconomics

Acrossthecountry,anestimated36,000jobsweredirectlysupportedatAllicaBank’sSMEcustomersbyitslendingin2024.Thelargestshareofthese

jobswassupportedintheSouthEast(6,100jobs),followedbytheNorthWest(5,000jobs).

Fig.7:ThedirectemploymentsupportedbyAllicaBank’slendingbyregionin2024

Directemploymentsupportedbyregion

<2,000

2,000–2,9993,000–3,9994,000–4,9995,000–5,999>6,000

2,600

1,300

000

2,600

2,300

3,300

3,200

2,500

2,400

4,100

Source:AllicaBank,OxfordEconomics

Note:totalsmaynotsumduetorounding.

WeestimateAllicaBank’slendingdirectly

supported£470millionintaxrevenuesintheUK.Thistotalcomprisestheestimatedcorporation

taxes,taxesonbusinesspurchases,andtaxesonproductionpaidbyitsSMEscustomersin2024,whichwereattributabletotheirloan.Ouranalysisindicateslabourtaxesformedthelargestshareofthisdirecttaxcontribution(aroundtwo-thirdsofthetotal).

Productivefinanceinaction:theeconomicfootprintofAllicaBank,slendingProductivefinanceinaction:theeconomicfootprintofAllicaBank,slending

1819

2.3THEWIDERIMPACTOFALLICABANK’SLENDINGINTHEUK

TheeconomicfootprintofAllicaBank’slendingisnotlimitedtoitsdirectimpact