Meaning of “draw on/upon sth” in the English Dictionary

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"draw on/upon sth" in Business English

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draw on/upon sth

phrasal verb with draw uk /drɔː/ us verb [ T ] drew, drawn

to start using a supply of something:

Americans are spending more than they earn, drawing on savings and building up debt to do so.
He has secured a loan for a new building by drawing upon the resources of two existing tenants.

(Definition of “draw on/upon sth” from the Cambridge Business English Dictionary © Cambridge University Press)