Can I top up an existing business loan?

How a top-up works

There are two common routes. The first is additional lending that sits alongside your current facility, giving you a second amount to draw on while the original continues on its existing terms. The second is a refinance, where the lender replaces the existing loan with a larger one, settles the old balance and advances the difference as fresh funds. Which route suits you depends on how much extra you need, how far through the term you are, and the lender's own preference — a refinance can tidy two commitments into one predictable payment, while additional lending leaves your original terms untouched. Either way, the new amount is advanced to the company with no personal guarantee, on the same basis as the original.

What the lender will check

A top-up is assessed much like a new application, because it is one. The lender looks at how reliably you have serviced the existing loan, your current and recent trading, and whether the larger total comfortably fits your cash flow. A clean repayment history on the first facility is one of the strongest signals you can offer — it demonstrates the company can carry the commitment. Recent bank statements and up-to-date management figures help the lender say yes quickly. The full picture of what is reviewed is covered in what lenders check.

When a top-up makes sense

Topping up is well suited to a business that is growing faster than expected, has won new work that needs funding, or is facing a short-lived cash gap on top of an existing plan. It keeps your finance in one place, avoids running multiple unrelated facilities, and lets the lender judge the whole position at once. It is less suitable if the existing loan is already stretching the business — in that situation, adding more debt can compound the pressure rather than relieve it. The honest test is whether the extra borrowing is funding a clear opportunity or quietly papering over strain. If it is the latter, a conversation about restructuring the existing facility is usually the better move than simply borrowing more.

What this means for your company

The practical lesson is that your conduct on the current loan is your best lever for a smooth top-up. Pay on time, keep your figures current, and the lender has every reason to extend more — a clean account is the strongest application you can make. Before asking, sanity-check that the larger total still sits comfortably within your trading margin, so the top-up funds growth rather than strain. When you are ready, you can discuss a top-up directly with Credicorp or start a fresh assessment through the client portal. As ever, the new total is advanced to the company on a no-personal-guarantee basis, so a top-up does not change your personal exposure.