2 min read
Why year one is harder
Most lenders like to see at least one set of filed accounts, which a company in its first year has not produced. That does not rule you out — it just shifts the evidence to what is happening now.
What stands in for a track record
Recent business bank statements, your accounting software, signed contracts and a realistic forecast. Three to six months of consistent income through the business account gives a lender something concrete to assess. Directors' prior experience in the same trade also helps.
What to expect
Facilities in year one are usually more modest and priced for the extra uncertainty. Read the startup finance guide, size a sensible amount with the turnover affordability tool, then apply online.
Frequently asked questions
Do I need filed accounts to apply?
No — Credicorp can assess a first-year company on business bank statements and current trading. Filed accounts help but are not mandatory for a young company.
How much can a first-year company borrow?
Usually a conservative amount tied to monthly turnover, because there is less history to lean on. It grows as the trading record builds.
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