New loan program for financially excluded' small business entrepreneurs

Small business entrepreneurs now have the opportunity to be financially supported and mentored by NAB and their approved partner organisations, through their re-invigorated Microenterprise Loan program.

The 12-month program will provide “valuable mentoring and coaching to customers” as well as cut loan processing times by 80 per cent and enable funds to be delivered faster.

The NAB Microenterprise Loan provides:

• Unsecured business loan from $500 to $10,000
• 3 year term
• 9.99 per cent fixed interest rate
• 90 days interest free period
• Access training and support via NAB-approved partner organisations

Executive General Manager Business Direct and Small Business, Leigh O’Neill, wants to ensure “all Australians with a business idea- including those who are financially excluded or in a tough spot- have the opportunity to access funds, mentoring and support so they can bring that great idea to life.”

“We’ve had so many success stories- from gelato shops to restaurants to dog-groomers and even a roller derby store in Western Australia. This program brings dreams to life.

“Over 20 skilled volunteers across NAB, National NEIS Association (NNA) and Business Enterprise Centres Australia (BECA) have worked together to re-design and simplify the application process,” said Ms O’Neill.

According to NAB, the funding is primarily used for “capital purchases such as shop fit-out materials, as well as the purchase of stock and website development.”

Participants also receive assistance, training and coaching on “key aspects of running a small business, inclusive of the development of a business plan, managing cash flow, taxation advice, financial literacy and marketing.”

“The program is part of NAB’s wider $130 million commitment to micro-finance for financially excluded Australians.”

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