We understand that you need patience, understanding and flexibility in a banking partner. You also need us to make decisions promptly. Whatever the situation, your relationship manager will take the time to understand your needs, and discuss the most appropriate method of finance – whether you want to expand your business, invest in equipment, buy more stock or extend credit to your customers.
A simple overdraft could help you manage your working capital and finance day-to-day cashflow requirements. With Bank of Cyprus UK you can overdraw your Business Current Account up to an agreed limit – and renew your agreement every year.
You can repay your overdraft at any time, and interest is payable on the amount outstanding. Please note an overdraft is repayable in full on demand.
If you’re buying machinery, fixtures and fittings or vehicles, ask us about a short-term loan to help meet your business needs.
The length of the loan will generally not exceed the expected life of the assets purchased.
Guarantees and bonds
If you need a banker’s guarantee or bond, to secure performance or other obligations, we can help with requirements such as:
- Duty deferment or VAT bonds in favour of HM Revenue & Customs
- ABTA Bonds
- Advance payment guarantees
- Civil Aviation Authority Bonds
Foreign currency borrowing
If your business involves international trading, and you have multi-currency cashflows, you may need a foreign currency loan. Whatever your reason for non-sterling borrowing, we’ll be pleased to help. Contact your relationship manager to discuss your requirements.
Don’t forget that there’s an inherent foreign exchange risk when you’re borrowing in another currency and your income stream is in sterling. If the currency you are borrowing appreciates in value against sterling, the size of your debt will increase proportionately.
If you would like to discuss any of these options, please contact us.