A good hire usually costs money before they make any. There is recruitment, onboarding, training and several months of salary before a new person is fully productive. For a growing company, that lag can be the main thing holding back the next hire. A Credicorp facility can fund the ramp-up period so the right person joins at the right time.
What the funding can cover
- Recruitment fees and advertising.
- Salary and on-costs during the ramp-up period.
- Equipment, software and training for the new role.
How it works
You apply as a UK limited company or LLP for the business purpose of hiring. If approved, you draw the funds and repay over the agreed term, at the rate shown in your offer document. The facility is to the company, not the individual being hired, and we take no director personal guarantee.
Hire with a plan
Funding a hire works best when you can point to the revenue or capacity the role is expected to unlock, and time the repayments to that. Credicorp is an exempt business lender outside the FCA consumer-credit regime, so the Financial Ombudsman Service and FSCS do not apply.
See also: Funding expansion into a second site or location, Paying suppliers early to secure settlement discounts and Bridging the gap between one contract ending and the next.