Allica Bank, a leading UK challenger bank, has partnered with The CFO Centre to support established businesses with 5 to 250 employees trading for over a year. The collaboration aims to provide strategic financial expertise to help these businesses thrive, addressing a critical gap in the UK’s business lending landscape.
The CFO Centre, a global provider of fractional CFOs, offers part-time or project-based financial guidance to ambitious business owners. As one of its select national partners, Allica Bank strengthens its mission to empower businesses often underserved by traditional high-street banks. A recent Allica report highlights the UK’s low business lending rates, with loan rejection rates soaring from 5-10% thirty years ago to 40% today, causing a drop in businesses seeking external finance from 65% in 1990 to just 25% in 2022-2023.
Fractional CFOs provide an affordable solution for businesses unable to hire full-time executives, offering high-level financial strategy on a flexible basis. This partnership aligns with Allica’s commitment to supporting UK businesses, having already lent over £3 billion to this sector, which accounts for a third of the nation’s employment and GDP.
Sophie Hossack, Head of Partnerships at Allica Bank, emphasized the importance of this alliance: “Established businesses are vital to the UK economy. Partnering with The CFO Centre gives business owners access to top-tier CFOs at a fraction of the cost, helping them grow and succeed.”
Matthew Mills, Chief Revenue Officer at The CFO Centre, added: “Many business owners face financial challenges and struggle to secure funding. Partnering with a forward-thinking bank like Allica ensures these businesses are well-positioned for growth.
