AMP Bank has announced its latest product release as it continues evolve its proposition to meet the challenges and needs of small businesses, the launch of a business overdraft in AMP Bank GO.
AMP Bank’s research found that 70% of Australian small business owners are worried about cash flow and 3 in 5 small business owners worry about paying bills.
The unsecured business overdraft is a flexible funding option to help manage the ups and downs of day-to-day cashflow, designed to help small businesses have access to funds when they need it.
AMP Bank GO’s instant app notifications help business owners stay on top of their spending, helping them adjust how much they want to spend with the in-app business overdraft cap feature.
AMP Bank GO’s business overdraft has a competitive, transparent interest rate and interest is paid only on what is used. The business overdraft is accessible through the Everyday Business Account; eligible customers can apply in less than 10 minutes to access from $2,000 to $20,000. It’s initially available for sole traders and will continue to evolve further over time.
Redefining banking for small business
AMP Bank first launched its challenger mobile-first proposition in February, now named AMP Bank GO. It has been designed and built to help Australia’s millions of small business owners – including solopreneurs, side hustlers and mini businesses – more effortlessly run their business on the go.
John Arnott, Director, AMP Bank GO said:
“Small business owners don’t need more complexity – they need simple, smart tools that help them stay in control.
“AMP Bank GO’s business overdraft is designed to do just that – giving business owners the flexibility to manage cash flow, smooth out income dips, and handle the unexpected without stress.
“We’re building AMP Bank GO from the ground up to reflect how Australians actually live and work – especially those running small businesses.
“Too often, banking in Australia overlooks the needs of small business owners. We’re changing that by designing solutions that put their experience and success at the centre.”
For more information about AMP Bank GO and the business overdraft, visit AMP’s website.