No. Credicorp lends only to UK incorporated businesses, meaning private limited companies and limited liability partnerships (LLPs). Sole traders, ordinary (non-incorporated) partnerships and individuals are not eligible to borrow from us.
Why we only lend to incorporated businesses
Credicorp is an exempt business lender. Our lending is to companies and LLPs for business purposes and sits outside the FCA consumer credit regime. Sole-trader and personal borrowing falls under that consumer regime, which is not what we are set up to provide. Because the loan is to a registered business rather than a person, there is a clear legal borrower at Companies House.
If you trade as a sole trader
If you currently trade as a sole trader, you may at some point choose to incorporate as a limited company. That is a decision to take with your accountant, based on your tax position and how you want to run the business, not something to do purely to access borrowing.
- Only an existing UK Ltd or LLP can apply.
- We do not take personal guarantees from directors or members.
- This lending is not covered by the Financial Ombudsman Service or FSCS.
What to do next
If your business is already a limited company or LLP, you can start an application using your Companies House registration number. If it is not, you cannot apply until it is incorporated.
Related eligibility articles explain which business types can apply, what exempt business lending means 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?.