Yes. A limited company with several directors, or an LLP with several members, can apply to Credicorp. Having more than one person involved does not change your eligibility, but it does mean a little extra care over who applies and how we identify everyone.
Who should start the application
The application should be started by someone with authority to take on borrowing for the business, such as a director or designated member. They should be confident that the application reflects what the business as a whole wants to do.
- Make sure your directors or members match the current Companies House record.
- Be prepared for us to identify the people behind the business.
- Agree internally on the purpose and amount before applying.
Why we identify the people behind the business
Even though the loan is to the company or LLP, we are required to know who controls and runs the business. This is a standard part of responsible lending and helps prevent fraud. It does not mean those individuals are personally on the hook, because we do not take personal guarantees.
Good to know
The loan is to your company or LLP, not to any individual director or member. This is exempt business lending and is not covered by the Financial Ombudsman Service or FSCS. If your board or members are not aligned on borrowing, it is worth resolving that before you apply.
For the practical steps, see whether a co-director can apply with you, director approval requirements and what information to prepare before applying.
See also: Can a newly formed company apply?, Can a charity or charitable company apply?, Can a CIC or community interest company apply?.