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Just a couple of things to think about. Firstly, getting overdraft in the current climate will be challenging without property security to back it up. Secondly if you are intent on going ahead, make sure you have a month by month cash flow for the next 12 months that shows exactly why you need it and how it will fluctuate between credit and debit.

Also, having no knowledge of your actual business I can only suggest that you might consider something like Debtor Finance or Invoice Discounting as a finance option other than an overdraft. These facilities are much easier to arrange for a startup or new operating business and can be set up by financiers other than the major banks. This gives you a bit of choice of financier for a start but also you can apply for increases as your sales grow. ie. the limit is tied to the growth of sales and therefore the debtor book whereas an overdraft may well be limited by your property security.

I realise that some people will say you can get an overdraft without property etc. but I can tell you that it will be a lot more difficult, particularly ‘in this current environment’.