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.

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)

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.

We provide competitive interest rates on overdrafts that range from 11.25% to 13%.

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.

A business overdraft can be set up to expire on a specific date or can be easily renewed after 1 year.

Yes, your officer will contact you before the overdraft expiration date to discuss the requirements to renew or increase your overdraft limit.

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.

Kindly be informed that the overdraft fee is 1% of the limit, minimum $300.

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.

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.

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.