Following this, the bank will offer financial support to businesses for a range of soft assets — including the acquisition of IT, telecoms or security equipment — in order to help companies increase their cashflow.

The proposition changes were made in response to extensive broker feedback received in Q4 of last year.

The bank previously extended its asset finance offering to include medium assets — like broadcast and textile equipment, as well as robotics — through the new iteration of the British Business Bank’s Recovery Loan Scheme (RLS).

Allica’s £200m asset finance lending achievement comes just seven months after it hit its first £100m milestone last summer.

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More recently, the bank secured a £100m investment through a Series C funding round led by technology investor TCV in a bid to further scale its impact in the UK SME market.

Brandon Hall, head of sales for asset finance at Allica, said: “In an incredibly challenging economic environment, we are pleased to support even more SMEs who have a clear ambition to continue to invest and grow, as evidenced by our reaching £200m in funding in just two years.

“Through our broker survey, we received extensive feedback that soft assets were increasingly important and it’s vital for us to proactively support UK businesses and broker communities with the demand.

“We are therefore extremely pleased to extend our proposition to soft assets, and especially to provide it through the RLS, allowing us to offer more favourable terms.

“Allica is fast developing into a one-stop shop for asset finance brokers, and we will keep innovating to make sure our offer is centred on their insight."