Overdraft facilities
If all your working capital is tied up and you need to borrow money over the short-term, one of the easiest and most cost-effective lending options is an overdraft. Overdrafts are easy to arrange and offer you the capability to meet your financial obligations, regardless of the balance in your business current account(s).
An overdraft offers you:
- more flexibility than a loan
- the capability to borrow any amount up to your agreed limit
- an economical lending option – for example, interest is only payable on the amount outstanding each day
- instant access to funds which could help you negotiate better discounts with suppliers
- the opportunity to apply it across a number of separate bank accounts, thereby minimising deficit balances or boosting deposits, allowing you to take advantage of more favourable interest rates.
Don’t let a short-term lack of liquidity affect your plans, especially if it’s the result of a seasonal or economic cycle. An overdraft could help you to manage the financial fluctuations that any change in supply or demand may have on your business.
For further information about an overdraft, please contact your Relationship Manager or call 0800 587 2864.
