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Overdraft Alternatives

Using a business overdraft is a popular method for businesses to solve cash flow problems. A business overdraft can be very costly and there are other, more flexible alternatives.

• Consider factoring your invoices. Your unpaid invoices could be the biggest asset on your balance sheet. A factoring company can advance up to 90% of the value of your outstanding invoices, typically within 24 hours
• Get a short term loan. Business loans and personal loans for business purposes can be secured on a variety of different assets to help you meet your needs.
• Change your business bank account. Banks have now started to compete for your business so compare their interest rates and charges carefully, you might be able to reduce your monthly payments considerably. Natwest Business Banking comes highly recommended for their outstanding customer service.
  
• You could either reduce your monthly commercial mortgage payments or release some of the equity tied up in your commercial property
• Lease expensive equipment rather than buying. Whether you run a factory with specialist machinery or you need up to date computer hardware, leasing allows you to use the asset without owning it outright. You can also sell an asset you already own to a leasing company and then lease it back again

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