Business loan application checklist

Why preparation decides the speed

Most delays in a business finance application are not credit decisions — they are missing documents. A lender pauses, asks for a bank statement or a set of accounts, and the clock resets while you dig it out. Gather everything first and a decision that might have taken a week can land in a day.

This checklist covers what a UK lender typically needs to assess a limited company. Pull it together in one folder before you start the form, and you control the pace rather than chasing it. Use the loan readiness checklist alongside this to sense-check whether now is the right time to borrow.

Company and identity documents

Have these to hand:

• Company registration number and registered address (as filed at Companies House).
• Names, dates of birth and home addresses of directors and any person with significant control.
• Photo ID and proof of address for directors, for identity and anti-money-laundering checks.
• VAT registration number, if registered.
• Details of any group structure or related companies.

Lenders verify most of this against Companies House automatically, but having it ready avoids back-and-forth and confirms the details on file are current.

Financial documents

This is the core of any assessment:

• The last two years of filed annual accounts (or since incorporation if younger).
• The most recent management accounts — ideally within the last quarter.
• Three to six months of business bank statements.
• A current aged debtors and aged creditors list.
• An up-to-date VAT return, if registered.

Bank statements matter most for short-term facilities: they show real cash movement, the rhythm of your trade, and whether a new repayment fits. Tidy, complete statements speak louder than any projection.

The figures you should know off by heart

Be ready to answer these without hunting:

• Annual turnover and how it has trended over two years.
• Gross and net margin — what you keep on each sale.
• Average monthly cash balance and your typical low point.
• Existing debt — balances, monthly payments and lenders.
• Debtor and creditor days — how fast money comes in and goes out.

A director who knows these cold signals a well-run business. If any are unclear, our working capital calculator and affordability calculator will surface them quickly.

Define the request clearly

Before you apply, settle three things in writing: how much you want, what it is for, and how it will be repaid. "£40,000 to buy stock for a confirmed Q4 order, repaid from the sales it generates" is a strong, costed request. "Some working capital" is not.

Decide too whether you need a lump sum or a flexible line you draw on as needed. Credicorp offers short-term business loans and the revolving Flex facility to UK limited companies, lending to the company with no personal guarantee. When ready you can apply online.

Final pre-submission check

Run these last checks before you hit submit. Are your filed accounts and Companies House details up to date? Do your bank statements run to a recent date with no gaps? Is your stated turnover consistent across the accounts, bank statements and application form? Have you a clear, costed reason for the amount requested? Mismatched or stale figures are the single most common cause of a query. Five minutes of consistency-checking now removes the most likely reason for a delay later.