Yes, and having never borrowed is not a mark against you. A company with little or no borrowing history is assessed the same way as any other — on its live cash flow and its trading — so a clean, debt-free business is often in a strong position, not a weak one.
No borrowing history is fine
We do not require a track record of prior loans. What we read is affordability from your bank activity — what does assessing affordability mean — and a business credit check. A company that simply has not needed to borrow before can present very well; the picture, not the past, is what counts — how we decide whether to lend.
- Be clear on the purpose — what counts as a business purpose.
- Ask for an amount that fits your cash flow — does applying for a larger amount make a decline more likely.
- Model the repayment first at Credicorp Tools.
A good start builds a record
Repaying a first loan on time is exactly what opens up more later — what strengthens an application and is applying faster as a returning customer. The guides at Credicorp Learn help first-time business borrowers get it right.
Apply for the first time with confidence.
We lend only to UK limited companies and LLPs, the loan is to the company with no director personal guarantee, and this is business finance outside the consumer-credit regime — as an exempt lender under Article 60B of the Regulated Activities Order we sit outside FCA consumer-credit regulation, so the Financial Ombudsman Service and FSCS do not apply.
See also: How we decide whether to lend?, What strengthens an application?, Does applying for a larger amount make me more likely to be declined?.