Applications have opened for NAB’s $1 million Impact Investment Grants Program, a special fund to support organisations in delivering finance solutions for important social issues.

NAB’s Head of Community Finance and Development, Corinne Proske, said the fund will help support innovative solutions to social and environmental challenges facing Australia.

“We believe we have a responsibility to help our customers address social and environmental problems through impact investments,” Ms Proske said.

“The fund is designed to help them develop their ideas so that they can attract the necessary investment to make them succeed.”

Strong interest is expected following information sessions on impact investment and the grants program in Adelaide, Brisbane, Melbourne, Perth and Sydney over the past month.

More than 400 people from government, the not-for-profit sector and social enterprises attended the sessions.

The NAB Impact Investment Grants Program builds on the bank’s belief that the finance sector should play a role in addressing the significant growing social and environmental challenges facing Australia.

Ms Proske said NAB is hoping to attract additional funding for the program from other organisations.

“Our intention is that this $1 million is very much seed funding and we invite other organisations to step up and join us in nurturing impact investment in Australia,” she said.

The fund will be jointly-managed with Impact Investing Australia and has been co-designed with The Difference Incubator to build on global best practice and be scaled to meet Australia’s needs.

Grants of up to $100,000 are available. Application guidelines and FAQs are available here.

Impact investment is a developing global market, creating opportunities for investors seeking to address social or environmental challenges and generate a financial return. NAB is the founding partner of Impact Investing Australia.