Business Overdraft

This product provides a Line of Credit to cover your day to day cash flow financial needs. It can also provide extra cash flow to cover seasonal and short-term working capital requirements.

Overdrafts are probably still the most common type of finance used by businesses.

Overdrafts are charged at a variable rate of interest, with interest being calculated daily on the balance outstanding. The balance of an account with an overdraft facility should ideally fluctuate between debit and credit as cash outflows and inflows occur.

The main benefits of a Business Overdraft are:

  • It bridges the gap between payments from your creditors and receipt of moneis from your debtors.
  • You only pay interest the funds you use. No set repayment is required.
  • You can access your funds in a number of ways including cheque, online or telephone banking.

While business overdrafts are great for freeing up cash, they’re not necessarily recommended for long-term financing needs as the interest rates can be higher.

  • Loan Amounts: Minimum $10,000, no Maximum.
  • Repayment Terms: With an Overdraft, Interest is calculated daily, and charged to the account on a monthly basis. The end balance must remain within the assigned limit.
  • Security: Can be unsecured or secured by various types of security, including Commercial, Retail, Industrial and Residential Property.
  • Repayment Options: There are no fixed or minimum monthly repayment arrangements.
  • Loan Terms: There are no minimum or maximum loan terms.

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