NAB announces new loan terms to boost small business
In a first for the Australian market, NAB has today announced it will be offering eligible small businesses across the country access to apply for business loans with loan terms of up to 30 years for up to $2 million.
The application process uniquely utilises digitally captured self-declared financials and will have increased loan terms of up to 30 years as well as expanded loan to value ratios (up to 80 per cent for commercial and 100 per cent for residential).
NAB Executive for Small Business, Ana Marinkovic, said the ability to lend up to $2 million over a period of 30 years with self-declared income would be a key differentiator in the market.
“Small business is the life blood of the Australian economy. As Australia’s largest business bank, we’ve been backing businesses for 160 years to make sure they have the funds they need to growth and thrive,” Ms Marinkovic said.
“We’re determined to help Australia bounce out of the pandemic and support businesses right across the country to invest.
“Faster business loans make it easier for a busy small business owner looking for a quick decision. The loan terms offer the potential for them to make a pragmatic decision between potentially paying rent or actually buying and owning their premises.”
As the leading business bank in Australia, NAB banks more than half a million small business customers across the country with 2,000 bankers ready to serve this critical community.
Customers interested in business lending can access more information at www.nab.com.au/bol, via their small business banker or through their accredited broker.