BUSINESS TEMPORARY OVERDRAFT

To meet short term gaps in business cashflow
Features & Benefits
-
Amount: Minimum $1,000 | No Maximum amount but limited to outstanding debtors / source of clearance
-
Term: maximum of 60 days
-
A defined and time-bounded clearance source must be provided
Interest Rates
-
Variable
Fees
-
LAF 2%
Opening Requirements
Supporting Documentation Checklist
Please provide the following information depending on your circumstances
-
For existing businesses
- we will require the last 3 years of accountant-prepared financial statements
-
For new or start-up
- we will require a copy of your business plan, your cashflow business: forecast, and detailed assumptions of planned capital expenditure (CAPEX) over the following 12 months
-
Rental Income
- a copy of the lease agreement
- a copy of the bank statement (12 months) showing receipt of rental payment
-
All applicants
- last 12-month bank statements of any account being refinanced/repaid from the current request
-
For incorporated entities
- a copy of the Business License
- a copy of Memorandum of Assoiciation
- a copy of Certificate of Incorporation
-
For property purchases
- a copy of the signed and dated Purchase and Sale Agreement
-
For loans secured by real estate
- full property description (lot/plan No's etc)
-
For loans secured by guarantees
- signed application form from the guarantor(s)
Important Documents
-
Business Temp OVD Terms & Conditions
-
Business Banking Terms & Conditions