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Bank Overdrafts |
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Financing Solutions for Business
Overview
An overdraft is a short term borrowing of not more
than 12 months, this is beneficial for your business
when you need easy access to cash, and is usually
granted as working capital. It is controlled by how
you, the account holder withdraw and deposit.
Features and Benefits
- Can be used as working capital
- Can be used as a form of financial security
against unforeseen events which may suddenly require
a cash flow
- Cheques may be withdrawn against the overdraft
facility without the account holder having
sufficient funds of his own in the account to meet
the amount.
- Granted against current accounts (withdrawable by
cheque)
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"beneficial
when you need easy access to cash," |
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Qualifying Criteria
- Application Letter
- Passport
- Security in the form of one of the following:
- Life Cover Policy with a surrender value
- Investment
- Property with a lease
- Surety
- Contracts (if financing against confirmed orders/
contracts) – this may have to be ceded to the bank
- Registration Documents
- Financial Statements
- Business Plan with Cashflow projections (for new
businesses)
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