Yes, in principle. A community interest company (CIC) is an incorporated body corporate registered at Companies House, so it can apply to Credicorp in the same way as any other limited company, provided the borrowing is for a genuine business purpose. What matters to us is the legal form of the borrower and what the money is for, not the social mission behind it.
Why a CIC qualifies as a borrower
Credicorp lends to UK incorporated entities. A CIC is incorporated either as a company limited by shares or a company limited by guarantee, and it has its own company number, registered office and statutory accounts at Companies House. That gives it the same legal personality we rely on when we lend: the borrower is the company itself, not the directors or members behind it. Because of this, a CIC sits alongside the entity types covered in which business types can apply to Credicorp.
The business-purpose test still applies
A CIC exists to deliver a community benefit, but it still trades and still has commercial needs, such as working capital, stock, equipment or covering costs while it waits on grant or contract income. Those are exactly the kinds of need we can fund. The finance has to be for the company's own commercial activity rather than personal use by anyone involved, which is the same standard we set out in what counts as a business purpose when I apply. A CIC's not-for-private-profit status does not change that test in either direction.
How we assess a CIC
We look at the company as a legal entity. As with any applicant, we check your registration and standing at Companies House, which is why we explain why we check Companies House. We do not take a personal guarantee, so the obligation to repay sits with the CIC and not with its directors, the same way we describe in why we do not take a personal guarantee. The asset lock that comes with CIC status affects how the company distributes its assets and surplus; it does not prevent the company from taking on finance for its own purposes.
What to have ready
- Your CIC company number and registered details, so they match Companies House.
- A clear, accurate description of the business purpose for the funds.
- The usual financial information we ask any company for during the application.
How your finance is regulated
Credicorp is an exempt business lender. We lend to incorporated bodies, including CICs, for business purposes, which sits outside the FCA consumer-credit regime. That means the Financial Ombudsman Service and the Financial Services Compensation Scheme (FSCS) do not apply, and we are a lender rather than a broker. We explain this plainly during the application so you understand the basis you are borrowing on. If you would like more detail, see what it means that we are an exempt lender.
If you are not sure whether your CIC's structure or planned use of funds fits, the quickest check is your Companies House registration and a clear note of the business purpose. If anything is still unclear, ask us before you apply and we will tell you where you stand.
See also: Can a newly formed company apply?, Can a charity or charitable company apply?, Can a co-director apply with me?.