It may be possible for your company or LLP to hold more than one facility with Credicorp at the same time, but it is not automatic. Any additional borrowing is assessed on its own merits and on what is sensible for your business.
What we consider for additional borrowing
When you already have a facility and apply for more, we look at how the existing borrowing is being managed alongside your current trading. The aim is to make sure further borrowing is affordable and responsible for the business, not just available.
- How your existing facility is being repaid.
- Your recent trading and money movement.
- The purpose of the new funds.
Why we don't simply stack borrowing
Lending responsibly means we will sometimes decline additional borrowing even where the business is in good standing, if taking on more would not be in the business's interest. Where an additional facility is approved, its rate and term are shown in that offer.
Good to know
Each facility is to your company or LLP, with no personal guarantees from directors or members. This is exempt business lending, outside the FCA consumer regime, so it is not covered by the Financial Ombudsman Service or FSCS.
For repeat borrowing, see applying for a second loan while repaying the first, how multiple applications affect each other and whether applying more than once hurts your chances.
See also: Can a newly formed company apply?, Can a charity or charitable company apply?, Can a CIC or community interest company apply?.