From slower months to busy spells, an overdraft linked to your Business Rewards Account gives you the breathing room to manage short-term cashflow and stay in control.
Start using your overdraft as soon as it's been set up. So you can focus on what really matters – running your business.
Access up to £2 million
Whether it’s bridging cashflow gaps, or staying flexible, pay interest only on what you use.
Overdrafts made human
You’ll get a dedicated relationship manager who understands your business as well as you do.
Get started straight away
Once your application is approved, you can use your overdraft as soon as it's been set up. So you can focus on what really matters – running your business.
Access up to £2 million
Whether you’re bridging short-term cashflow gaps, or staying flexible, you’ll only pay interest on what you use.
Overdrafts made human
You’ll get a dedicated relationship manager who understands your business as well as you do.
What could a business overdraft do for you?
A business overdraft is linked to your Business Rewards Account. It gives you a bit of extra headroom to cover short-term costs and keep your plans on track.
Manage seasonal dips in income: smooth cashflow when revenue drops at quieter times of the year.
Bridge gaps while waiting for invoices to be paid: keep things running when bills are due before payments arrive.
Cover short-term operating costs: provide a buffer for essential outgoings when cashflow is tight.
Handle emergencies and unexpected costs: deal with one-off repairs or sudden expenses.
“Allica's business overdraft has given me the peace of mind to really focus on growth. The extra cashflow headroom means we can take opportunities as they arise without this impacting our day-to-day even if a client invoice is delayed.”
Geoff Todd Founder, Farsight Digital Solutions
Applying for an overdraft is quick and easy
We’ll just need a few details from you to get you started.
Step 1: Apply
We’ll take some information from you about your business, and to make it easier, you can securely connect your business bank accounts and upload your documents.
Step 2: Get a decision
We'll review your application and let you know what other information we need from you.
Step 3: Review and get ready!
Once everything is signed and we’ve approved your limit, we’ll ask you to set up your Business Rewards Account if you haven’t already; once it’s activated, your overdraft will be ready to use. And off you go!
Eligibility criteria
Allica’s business overdraft is made for Business Rewards Account customers who need the flexibility and tools to grow their business and must:
Need an overdraft over £25,000 for business purposes.
Be a UK Limited Company or Limited Liability Partnership.
Have been trading for at least 24 months.
Generate an annual turnover above £500,000 (or above £300,000 if application supported by the Growth Guarantee Scheme) and be profitable.
If your overdraft application is approved but you don't already have a Business Rewards Account, you'll need to open one before your overdraft can be set up.
Product information
Make sure you read the documents below carefully before you apply for an overdraft. If something isn't clear, or you need a helping hand, please get in touch.
We’ll just need a few details from you to get you started.
Step 1: Apply in minutes
Securely connect your bank accounts and upload your documents, all in one place.
Step 2: Get a decision
If your application is approved (subject to status), we'll email you some final documents to sign.
Step 3: And you’re off!
Once everything is signed, your overdraft will be available in your Business Rewards Account and ready to go whenever you need it.
Eligibility criteria
Allica’s business overdraft is made for Business Rewards Account customers who need the flexibility and tools to grow their business and must:
Need an overdraft over £25,000 for business purposes
Be a UK Limited Company or Limited Liability Partnership.
Have been trading for at least 24 months.
Generate an annual turnover of more than £500,000 and be profitable.
If your overdraft application is approved but you don't already have a Business Rewards Account, you'll need to open one before your overdraft can be set up.
Product information
Make sure you read the documents below carefully before you apply for an overdraft. If something isn't clear, or you need a helping hand, please get in touch.
Allica’s overdraft is part of our Business Rewards Account - designed especially for established businesses who want a more rewarding and powerful way to bank.
With great value built in as standard
Tools to make your life easier, not harder
And a relationship manager who can help you get the most out of your account
Access to finance
Growth Guarantee Scheme
Allica Bank is approved to offer overdrafts through the Growth Guarantee Scheme. It’s a government initiative designed to support access to finance for UK small and medium businesses as they look to invest and grow.
A business overdraft is a short-term lending option that gives your company flexible access to additional funds when cashflow is tight. You’ll have a pre-agreed limit that you can use whenever needed, and you’ll only pay interest on the amount you actually borrow. You can repay and borrow again as often as you like, provided you stay within your agreed limit.
Who can get a business overdraft from Allica Bank?
Business overdrafts are available to UK-registered Limited Companies and Limited Liability Partnerships that:
have (or are happy to open) a Business Rewards Account as their main business current account via which they’ll manage all UK turnover
have been trading for more than 24 months
have a turnover of more than £500,000 (or above £300,000 if application supported by the Growth Guarantee Scheme)
can show that they’re profitable
How much can I borrow?
We offer overdrafts from over £25,000 up to £2 million. The limit you’re offered will depend on things like your turnover, credit history, outstanding invoices and our lending criteria.
What does it cost?
You’ll pay:
a 1.5% arrangement fee on your agreed overdraft limit
interest on what you use (not what you don’t), charged at a margin above the Bank of England base rate
Our interest rates usually range between 3.75% and 11% depending on the size of your overdraft. We don’t charge a non-utilisation fee.
Do I need a current account to apply?
You don't need to have a Business Rewards Account to apply for our business overdraft. However, you’ll need to open a Business Rewards Account and make it your main business current account before an overdraft can be offered.
How do I apply and how long does it take?
You can apply online at any time. We’ll ask for your details like how much you’d like to borrow, what you’ll use it for, and your latest accounts and bank statements.
Approval depends on your financial circumstances, borrowing history and our lending criteria. You can apply for a business overdraft online in a few minutes, but the length of time it takes to get approved depends on your individual circumstances and is based on the quality and completeness of the information you provide to us.
How do repayments work?
You only pay interest on overdrawn balances. Interest is taken from your account monthly. Overdrafts are repayable on demand and reviewed annually.
Is my application guaranteed to be accepted?
All applications are subject to status, approval and our lending criteria.
Can I use my overdraft for personal expenses?
No, overdrafts are only available for business purposes.
Can my overdraft be withdrawn?
Yes, overdrafts are repayable on demand and subject to annual review.
Can I remove, increase or reduce my overdraft limit?
You can request to increase, reduce, or remove your overdraft limit. Please contact your relationship manager to discuss your specific circumstances.
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