When a critical machine, vehicle or piece of kit fails without warning, the cost of being out of action usually dwarfs the cost of the repair itself. The trouble is that the bill is unplanned and immediate. A Credicorp facility can cover an urgent repair or replacement so a UK limited company or LLP keeps trading and spreads the cost over an agreed term.
Why speed matters
- Downtime can halt production, deliveries or service entirely.
- An emergency replacement often costs more than a planned one.
- Customers and contracts may be at risk if you can't operate.
How it works
You apply as a company for the business purpose of repairing or replacing essential equipment. If approved, you draw the funds, get back up and running, and repay over the term and at the rate shown in your offer document.
Worth keeping in mind
For genuinely unplanned breakdowns, fast funding protects revenue; for ageing kit, factor likely replacement into your forecasting so it is less of a shock next time. The loan is to the company, with no director personal guarantee. Credicorp is an exempt business lender outside the FCA consumer-credit regime, so the Financial Ombudsman Service and FSCS do not apply. See more on equipment & vehicle repair finance for when kit fails without warning.
See also: Replacing equipment that has failed unexpectedly, How do I cover an unexpected cost without draining reserves? and Does interest keep building while my company is in arrears?.