What are the requirements to obtain a business overdraft? If you do not currently have a business acount, kindly note the following requirements to apply for a business overdraft:
1. Certificate of registration
2. Audited and/or In-house financials
3. Collateral to secure the facility
4. Valid ID (Social Security or Passport) for the account holders.
5. Proof of occupancy in the form of either a utility bill in your name (within the past 3 months) for the account holders.

Belize Bank business account holders are required to present the first 3 documents listed above.
What is the maximum overdraft limit my business can obtain? An overdraft could help your business to deal with seasonal trends and short-term cashflow challenges. The overdraft limit granted varies depending on your need and affordability. Feel free to speak with one of our SME officers for small / medium business overdrafts or to one of Business Development Officers for larger business overdrafts. (provide link to BBU officers)
Is collateral a requirement for a business overdraft? There are two types of business overdrafts namely secured and unsecured. With a secured overdraft, you pledge property or another asset as collateral. This is required to get a higher limit, usually over $xxxx. With an unsecured business overdraft, you don’t need to pledge collateral against the overdraft.
What are your interest rates on business overdrafts? We provide competitive interest rates on overdrafts that range from 11.25% to 13%.
What is the payment frequency? An overdraft is an ongoing credit facility with no fixed repayment terms. Overdrafts are a form of revolving credit, much like credit cards. This means that you can pay off your existing overdraft in full one day and then draw from it the next, or you can increase an existing overdraft as long as you stay within your authorized overdraft limit.
When does my overdraft expire? A business overdraft can be set up to expire on a specific date or can be easily renewed after 1 year.
Will I be notified when my overdraft expires? Yes, your officer will contact you before the overdraft expiration date to discuss the requirements to renew or increase your overdraft limit.
Will I be required to visit the bank to renew my overdraft? No, on the anticipated date of expiration, an overdraft account is evaluated, and the review results in one of the following: review and OD limit improvement, or review and renewal at the same level.
What fees can I expect when obtaining an overdraft? Kindly be informed that the overdraft fee is 1% of the limit, minimum $300.
Do I need to make monthly payments towards my overdraft? Regular deposits will help you maintain your account within the authorized overdraft limit. The interest charges will be applied at the end of the month from your available balance. Please maintain a credit balance to avoid any excess limit fee.
What are the benefits of having an overdraft? A business overdraft acts as a safety net, providing you with peace of mind in uncertain times. By having access to additional funds, you can better manage your cash flow fluctuations, maintain supplier relationships, and acquire business growth opportunities without delays.
What is your approval time period? The typical turnaround time ranges from 2 to 7 business days. Approvals can also take only a few hours when all the required documents are presented and verified.