Business overdraft

Quick facts

Whether you need cash quickly or you’re after a safety net that you can use occasionally, a business overdraft could be the answer. However, it’s become more difficult to get an overdraft with the major banks. Instead, you might want to consider alternatives such as a revolving credit line, a business credit card, a business cash advance or other types of working capital finance.

There are two obvious reasons you might want to use an overdraft: you might need cash quickly (i.e. you might need to access working capital buffer) or you might want a safety net to use occasionally in times of need.

It has become more difficult to get traditional business overdrafts from the major banks, especially if you are a small business. But don’t worry, there are lots of alternatives to business overdrafts. Here are some other types of working capital finance:

  • short-term or medium term business loan (i.e. working capital loan)
  • revolving credit line
  • invoice finance (i.e. invoice factoring, invoice discounting and CHOCs)
  • trade finance (if you’re dealing with international buyers and suppliers)
  • business cash advance
  • business credit card
  • asset refinance
  • purchase order finance
  • supplier finance.

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