The borrower must be a UK-registered limited company or LLP. A company that is registered overseas is not eligible to borrow from Credicorp, even if it trades in the UK. What matters is the entity that holds the loan, and that must be a UK Ltd or LLP.
Overseas-based directors or members
It can still be possible to apply where a director or member is based outside the UK, as long as the borrowing entity itself is UK-registered. We will need to identify those individuals as part of normal checks, which may take a little longer if they are overseas.
- The borrowing entity must be registered at Companies House.
- We identify directors or members wherever they are based.
- The borrowing must be for the UK entity's business purposes.
Why the UK entity is the key
Lending to a UK-registered Ltd or LLP gives a clear legal borrower under UK law. A purely overseas company does not fit how we are set up to lend.
Good to know
We do not take personal guarantees from directors or members, including those based overseas. This is exempt business lending and is not covered by the Financial Ombudsman Service or FSCS. If your UK presence is not yet incorporated, you cannot apply until it is.
You may also want to read which business types can apply, the application journey and what information to have ready.
See also: Can a newly formed company apply?, Can a charity or charitable company apply?, Can a CIC or community interest company apply?.