Backing the business vision of financially excluded Australians
NAB is backing financially excluded Australians through its re-invigorated Microenterprise Loan program, slashing loan application processing times by 80% and enabling funds to be delivered faster to aspiring small business entrepreneurs.
Together with partners National NEIS Association and Business Enterprise Centres Australia (BECA), who provide valuable mentoring and coaching to customers during the 12-month program, over 1800 small businesses have been supported since 2007.
Executive General Manager Business Direct and Small Business Leigh O’Neill said: “We want 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.”
The Microenterprise Program enables entrepreneurs to receive an unsecured business loan, up to $10,000. 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.
NAB Microenterprise Loan Fast Facts:
- Unsecured business loan from as low as $500 and up to $10,000
- 3 year term,9.99% fixed interest rate
- 90 days interest free period
- For more information, click here.