What's Happening?
Allica Bank, a challenger bank, has partnered with The CFO Centre to provide fractional CFO services to established UK businesses. This collaboration aims to support companies with 5 to 250 employees that have been trading for over a year. The partnership addresses the increasing difficulty businesses face in securing finance, with loan rejection rates rising significantly over the years. Allica Bank's mission is to form alliances that bolster established businesses, providing them with strategic financial advice through fractional CFOs, which offer an alternative to full-time executive roles.
Why It's Important?
The partnership between Allica Bank and The CFO Centre is crucial for UK SMEs, which constitute a significant portion of employment and GDP. By offering fractional CFO services, businesses can access high-caliber financial advice without the cost of a full-time hire, helping them navigate financial challenges and secure necessary funding. This initiative supports the growth and sustainability of SMEs, which are vital to the economy. The collaboration reflects a strategic approach to addressing the financing difficulties faced by smaller businesses, potentially influencing broader economic stability and growth.
