Drawing down a loan ? What does it mean ?

Posted on: Sun, 15/01/2006 - 18:03
Drawing down a loan ? What does it mean ?

i have just signed the contract with my bank for a business loan. I noticed in the terms and condiitons that I must draw down the loan within 7 days or face a penalty charge. What / how / who is drawing down ?

Any ideas ?


Posted on: Thu, 20/04/2006 - 23:14 #1
Drawdowns

Hello,

This is well out of date but i'll answer anyway for future reference. Drawdown simply means using the money, i.e actually having it transferred from the bank to your account. You will be charged interest from the date of the drawdown.

Hope that helps...(only 3 months out of date)!!

Jay