A tough past year does not automatically rule you out if the business is genuinely recovering. We look at the current trajectory as well as the history — a company clearly on the mend, with improving recent activity, can present a very different picture from where it was.
The direction of travel matters
Because we read recent bank activity closely, an improving trend shows up — steadier income, reducing strain, commitments back in order. That recovery is part of the affordability picture — what does assessing affordability mean. A clean run of recent months carries real weight, as with a thin but genuine history.
If a rough patch is visible in the figures, a short explanation of what happened and how it is resolved is far better than leaving it unexplained — what documents we might ask you to provide. Bringing any late filings current also helps — can i apply with late filed accounts or overdue confirmation statement.
If things are still fragile
If the recovery is early and cash is still tight, borrowing more can add pressure — be realistic, model it at Credicorp Tools, and know that support exists if needed. Strengthen the picture first — what strengthens an application.
If the recovery is real, apply.
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: What strengthens an application?, Can a company with arrears elsewhere still apply, What does 'assessing affordability' actually mean?.