applied for an over draft

[funkylady]

i have applied for an overdraft with the ulster bank of €10,000 i will know on tuesday i have only been in buisness since september i am in retail .i went to see my bank manager he told me i need to move more stock i know i over bought but i intend to shift it in a sale just after xmas,
the bank would not give me a loan for my buisness i had to go to the cu
they were only intersted in me opening up an account and installing there credit card machine in my shop ,i just feel like they are no help at all so i think why should i bank with them i only did cause they have free banking for three years if i do not get the over draft i am thinking of releasing some equity i owe 80,000 on a house worth 370,000 ,my buisness is going well i just need more money to put in the buisness any advice please.

 

[TripleA]

If its only €10K you need that is not going to make much difference on your Mortgage in real terms. Plus you will probably find its a cheaper source in interest rate terms.

 

[extopia]

You haven't said how profitable your business is. You seem to be banking on shifting the stock in a post-Christmas sale - that of course means you will not make the same margin if you sold before Christmas!

Think very carefully before you invest more money in a business that may not, in fact, be going as well as you think. Sometimes you have to learn and move on. 10k is not very much to borrow and banks would fall over themselves to lend if your business is really going well. Perhaps the bank manager had a point?