Credicorp lends only for genuine business purposes. Because we are an exempt business lender, the borrowing must be for your company or LLP's commercial needs, not for personal spending. We ask what the funds are for so we can lend responsibly and stay within how we are set up to operate.
Typical business purposes
A business purpose is anything that supports the running or growth of your company or LLP. The exact list depends on your sector, but it is always about the business rather than the individuals behind it.
- Managing day-to-day cash flow and working capital.
- Buying stock, equipment or materials.
- Covering costs while you wait on customer payments.
What is not a business purpose
We cannot lend for personal use by a director or member, because that would be consumer borrowing, which is not what we provide. If a request looks like personal spending dressed up as a business cost, that can affect the decision.
Good to know
Being clear and accurate about the purpose helps us assess your application properly. The loan is to your company or LLP, with no personal guarantees. This is exempt business lending and is not covered by the Financial Ombudsman Service or FSCS. If you are unsure whether your need qualifies, ask us before you apply.
See also: Can a CIC or community interest company apply?, Can a charity or charitable company apply?, Can a company limited by guarantee apply?.