If you have never applied for business finance before, the process can feel uncertain. In practice, it is more straightforward than many directors expect — particularly for short-term facilities. Here is what typically happens, step by step.
The initial application
You will usually start by providing basic information about your company: Companies House registration number, trading name, how long you have been trading, monthly revenue, and what you need the funds for. This can often be completed online in under ten minutes. No commitment is made at this stage — it is information gathering.
Document review and verification
Once you have submitted your application, the lender will review your bank statements and accounts. If you have connected via Open Banking, this step is largely automated and fast. Otherwise, you may be asked to upload PDF statements. You might be asked a follow-up question or two — this is normal, not a sign of trouble. Responding promptly keeps the process moving.
The decision
For most short-term business finance applications, decisions are made within hours rather than weeks. You will receive a clear response: approved (with the amount and terms), declined (with a reason), or a request for more information. If approved, funds are typically transferred quickly, often the same or next working day.
A note on what is not required
At Credicorp, there is no director personal guarantee required. The loan or facility is made to the company. You will not be asked to pledge personal assets or sign a personal liability agreement. This is a meaningful distinction from some other business lenders and from many bank facilities, particularly for smaller companies.
We lend only to UK limited companies and LLPs, and the loan is to the company with no director personal guarantee. As business finance outside the consumer-credit regime, it is not covered by the Financial Ombudsman Service or FSCS.
See also: What documents do I need to apply, How Open Banking speeds up an application.