Product features

  • You can overdraw your business current account up to your agreed limit
  • The overdraft is constantly available to you, any time you need to borrow
  • It can be used to finance current assets (inventories, accounts receivable)
  • It enables you to bridge the period between the due dates of account payable and receivable, allowing you to pay your suppliers before the due dates to enjoy possible discounts or to pre-finance contracts
  • Its maximum limit depends on the turnover in the client’s account, the client’s economic results and needs
  • Variable interest rates – subject to market circumstance

Eligibility criteria

  • Banking with Volksbank – cash flow corresponding with the required overdraft limit; a new client is required to bank with Volksbank in the future under the overdraft agreement
  • The client’s satisfactory economic history
  • No debts due to the tax authorities, the Department of Social Security and the health insurance company
  • Acceptable security for the guarantee – determined individually based on analysis of economic and non-economic aspects
  • Required documents:
    • The balance sheet, profit and loss account, footnotes to the financial statements (entities that keep only simplified accounting records submit the statement of assets and liabilities, and the statement of income and expenditures) and tax returns for the last three calendar years and records for the current year,
    • A statement of the Commercial Register (entities not registered in the Registry submit a trade licence or another certificate for a business activity),
    • A statement of debts due to the tax authorities, the Department of Social Security and health insurance companies,
    • A statement of accounts receivable and payable
    • Other documents depending on the type and creditworthiness of the client and the required security.

Rates and charges

  • Variable rates of interest
  • A service fee determined on an individual basis

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