The closing stretch of a facility is worth a moment of planning rather than letting it simply arrive. A tidy ending leaves your company's record clean and keeps your future options open.
Know your closing position
Check your offer and recent statements so you understand exactly what brings the balance to zero and by when. Confirm the final repayment date and amount, and make sure the funding account will be ready on the day.
Plan for what follows
- Decide whether your company will have a continuing need afterwards.
- If you might want to borrow again, see our guidance on top-up eligibility.
- Give yourself time so any next step is a considered choice, not a rushed one.
Close it cleanly
Once the final payment clears, download your final statement and file it with your records. Reconcile it against your books so the liability closes out accurately in your accounts. A clean close is the easiest thing for your accountant and for any future review.
Keep the relationship warm
A facility that ends well is the best foundation for the next one. Credicorp lends only to UK limited companies and LLPs for business purposes, and the loan is to the company, not its directors. As an exempt business lender, we are outside the FCA consumer-credit regime, so the Financial Ombudsman Service and FSCS do not apply.
See also: What is a maturity date?, Keeping clean records of your facility for your accountant, What happens at the end of a Flex term.