A SIC code (Standard Industrial Classification code) is a five-digit number that describes the main activity a business carries out. Every UK limited company and LLP records at least one SIC code at Companies House, and it is one of the simplest signals a lender uses to understand what your company actually does.
Where your SIC code comes from
You choose a SIC code when you incorporate, and you can update it each year on your confirmation statement. The codes come from a fixed national list maintained for Companies House, so the choice is a structured pick rather than free text. A company can hold more than one code if it has several lines of business, up to four in total.
For example, a software company might use a code in the computer programming range, while a builder would use one in the construction range. The aim is to pick the code, or codes, that genuinely describe what you do day to day, not an aspiration or a one-off side activity.
Why it matters when you apply
When you apply to Credicorp, your SIC code is part of the picture our decision draws from your Companies House record. It gives a quick, standardised read on your sector before anyone looks at the detail of how the business trades. A code that matches your real activity helps that read land correctly.
- It tells a lender, at a glance, what industry you operate in.
- It lets sector context feed into how an application is assessed.
- A mismatch between your code and your actual trading can slow things down or prompt questions.
It is worth checking that the code on your record still reflects what your company does, especially if the business has changed direction since it was set up. An out-of-date or vague code will not necessarily stop an application, but an accurate one removes a small point of friction and avoids confusion about your line of work.
What a SIC code is not
A SIC code is descriptive, not a score or a judgement. It does not rate your creditworthiness, and on its own it neither qualifies nor disqualifies a business. It simply classifies activity. The substance of a lending decision rests on how your company trades, its credit profile and whether a facility is affordable, with the code adding context around the sector you sit in.
Credicorp lends only to UK limited companies and LLPs for business purposes. We are an exempt business lender operating outside the FCA consumer-credit regime, so the Financial Ombudsman Service and FSCS do not apply.
To see how this fits the wider assessment, read what information goes into a lending decision and which credit reference agencies we use. You may also find it useful to understand what a business credit score is, and if you have recently set up, whether a brand-new company can apply.
See also: What is a CVA (Company Voluntary Arrangement)?, A plain-English glossary of business-lending terms, What are accounts receivable?.