Business Overdraft
A Business Overdraft is flexible line of credit linked in with your business banking.
Many businesses utilise this facility as businesses have cash flow fluctuations and this business loan takes the pressure off.
It can assist with working capital, buying stock, paying wages, paying invoices, paying tax debts, marketing, unexpected costs, purchasing goods from overseas and then refinancing those on a Chattel Mortgage.
Another term for a Business Overdraft is a Line of Credit.
Benefits of a
Business Overdraft:
✅ Easy Application Process
Many lenders will have you connect your bank statements to their portal to make the assessment
Approvals can be gained within 24-48 hours
✅ Tax Benefits
You may be able to claim the interest as a tax deduction
✅ Cash Flow Support
Helps the business keep moving while income might be slower to come in
Avoid late payments to suppliers having this facility to draw down on
Ability to take advantage of opportunities that will see your business grow
✅ Competitive Interest Rates
There are lenders out there that charge far too much, we know the lenders that have the best rates and terms for your business
Only pay interest on the funds you have drawn down
✅ Revolving Facillity
Once the Business Overdraft is set up, as you pay this down, those funds are available to redraw on
Please note - This information is general in nature and does not constitute taxation advice. It does not consider your specific financial circumstances. Please consult your accountant for taxation advice.