Leading challenger bank, Allica Bank and The CFO Centre, today announce a new partnership designed to support the UK’s established businesses – those with 5 to 250 employees that have been trading for more than 12 months.
The CFO Centre is a global team of fractional CFOs that work alongside ambitious business owners, offering strategic and operational financial advice to help them achieve key milestones at every stage of growth. The business offers support through a select group of national partners, and Allica is proud to become one of them.
This partnership is reflective of Allica’s mission to build alliances that aid established businesses continually shortchanged by high-street banks. A recent report by Allica shows that the UK has the lowest rates of business lending in the G7, with business loan rejection rates rising sharply from between 5% and 10% thirty years ago to 40% today. As a result, businesses applying for external finance have decreased from 65% in 1990 to just 25% in 2022-2023.
This data is indicative of a time when businesses need expert advice more than ever; however, established businesses cannot always afford full-time executive roles, and this is one of the many reasons why a business may use a fractional CFO. Fractional CFOs provide support on a part-time or project basis, allowing business owners access to an otherwise unaffordable resource.
In line with Allica’s continued support of these businesses, which has seen them lend over £3 billion, the challenger is proud to work with organisations that offer such tailored solutions.
Sophie Hossack, Head of Partnerships at Allica Bank, said: “Established businesses make up a third of UK employment and GDP, so it’s vital they get the support they need to grow and succeed, which includes working with key professional advisors who add value to their business. That’s why we’re excited to partner with The CFO Centre - giving business owners access to high-calibre CFOs at a fraction of the cost of a full-time hire.
Matthew Mills, Chief Revenue Officer at The CFO Centre, also said: “Many of the business owners we work with continue to face a broad range of financial challenges and often struggle to secure funding due to their size in comparison to large corporate companies. We are delighted to partner with a forward-thinking bank like Allica, who play a vital role in keeping these businesses primed for growth.”