Business Overdraft
Flexibility of having extra funds when your business needs it.
Take control with greater flexibility for your business.
Every business needs access to cash over and above its natural cashflow from time to time. A Business Overdraft allows you to go into an overdrawn position up to a pre-agreed limit. So you have peace of mind that extra funds are available outside your normal cash flow, should you need them.
All businesses with a current account are eligible to apply for a business overdraft. All applications will be assessed on their own merits.
To apply for a business loan or business overdraft, your company must be incorporated and registered in the UK.
13.92% EAR* (variable) representative on Standard Tariff Unsecured Business Overdrafts up to £25,000.
(other overdraft amounts available at alternative rates)
Representative example
Standard Tariff Unsecured Business Overdrafts of £5,000 will be charged at 13.92% EAR (variable). Charges may apply. An arrangement fee will be charged of normally 1% of agreed facility (minimum £50).
*Effective Annual Rate of Interest (EAR): This is the illustrative annual cost of an overdraft, stated as an annual rate, which takes into account how often arranged overdraft interest is charged to the account and does not include any other fees or charges.
Business Overdraft features and benefits
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Low cost finance
- This type of lending is cost effective as you only pay interest on the money you actually borrow as interest is calculated on your daily, overdrawn balance.
- Interest on a business overdraft is variable and charged quarterly to your business current account.
- Overdrafts are subject to eligibility criteria and may be subject to an arrangement fee.
- To avoid additional charges you must arrange your business overdraft prior to being in an overdrawn position.
- Further information on interest, fees and charges is available from your branch.
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Tailor-made terms
- Your AIB (NI) Relationship Manager will look at your application on an individual basis. The amount of your limit and rate of interest you pay is agreed prior to you using the facility.
- A business overdraft has no fixed repayment schedule and is generally reviewed on an annual basis.
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Flexible finance
- A business overdraft gives you the flexibility and peace of mind of having extra cash available outside your company's normal cashflow.
- It is versatile and easy to use, allowing you to better manage your working capital and prepare for one-off or unexpected spending without having to look for a new credit facility every time.
How to Apply
- Email our lending team at lendingni@aib.ie and a member of staff will get in contact with you.
- Simply call 0345 6005 925. We’ll be happy to answer any questions you may have about applying for a business overdraft.
- Call into an AIB NI branch where you will be assisted via our telephone booth service..
Important information
Business overdraft terms and conditions are available on request. Applicants must be 18 years or over and resident in the UK. As a responsible lender AIB (NI) will only lend money based on our assessment of your ability to repay. Written quotations available on request.
When applying it is advised you have the following documentation to hand in order to prevent any possible delays:
For ALL new requests
A brief outline of the new funding requirement (Background / Purpose / Cost / Amount Sought / Term)
Information required by the Bank
- Latest Audited/Certified Accounts for the business. Note: If Audited/Certified Accounts are not yet finalised we can accept draft accounts.
- If available; up to date management accounts including profit & loss account, balance sheet and cash-flow to reflect the current trading period.
- Bank Statements: Last six months bank statements for all new customers and for existing customers whose main operating account is not held with AIB.
Asset finance requests
We will also require a copy of the quote / invoice for the vehicle or equipment proposed to be funded.
Start-up businesses
A business plan with 6-12 months financial/cash-flow forecasts
If the business has been in operation for more than 1 year, we will require up to date management accounts including profit & loss, balance sheet and cash-flow.
Personal
If your main account is held with AIB NI you can apply for an overdraft via your online banking or your AIB NI mobile app.
If your main account is not held by AIB NI we will need a copy of your personal Bank statements for the last 6 months to include evidence of salary /other income
If you are self-employed; the latest Audited/Certified Accounts for your connected business and / or a copy of your HMRC tax assessment will also be required[EM2] [EM3] .
Help and information
We adhere to the Standards of Lending Practice for Business Customers which sets standards for banks when dealing with lending and overdrafts for business customers. You can get more information on the Standards from www.lendingstandardsboard.org.uk. The Statement of Lender and Borrower Responsibilities details our key responsibilities and what we ask of you to ensure that the relationship works well for both of us.
Cashflow planner tool
A financial and budgetary tool to help manage your business cashflow.
Looking for Finance
For information on the documentation you will need to apply for a finance product with us.
Talk to Us
Simply call 0345 6005 925† or drop into any AIB NI branch. We’ll be happy to answer any questions you may have about applying for a business overdraft.
† Lines open: Monday - Friday 09:00 - 17:00 (except on bank holidays). Calls may be recorded. Call charges may vary - refer to your service provider.
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AIB Group (UK) p.l.c. is covered by the Financial Services Compensation Scheme, Financial Ombudsman Service and is a Registered Firm with The Lending Standards Board.
The AIB logo and AIB (NI) are trade marks used under licence by AIB Group (UK) p.l.c. incorporated in Northern Ireland. Registered Office 92 Ann Street, Belfast BT1 3HH. Registered Number NI018800. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.