NAB today committed to lend $2 billion a month to Australian businesses, sending a powerful message to the business community by Australia’s biggest business bank.
NAB Group Executive, Business Banking, Angela Mentis, said the pledge doubled a $1 billion commitment made by NAB in November last year and reflected improved confidence levels and business conditions in the Australian economy.
“Now, more than ever, Australians are focused on the future. Businesses across the country are energised by the renewed focus on a prosperous and productive economy powered by innovation and agility,” Ms Mentis said.
“Our pledge supports businesses that are backing themselves to grow so that confidence translates into lasting activity that will drive the next phase of growth for Australia’s economy.”
Ms Mentis said Australian businesses, large and small, were looking to the wealth of opportunities that would come from the recent wave of free trade agreements with China, Japan and South Korea.
“From my time on the road meeting with our customers it is clear there is strong entrepreneurial drive and desire to innovate as businesses look to take their services and expertise to the rest of Australia and beyond.
“That’s why we’re sending a strong message to the business community that we continue to back businesses that back themselves. Our $2 billion per month lending pledge reinforces that,” Ms Mentis said.
A recent NAB research report into business innovation in Australia identified ‘highly innovative’ businesses are stronger performers both in terms of business conditions and levels of confidence.
“The improvement in confidence levels and sustained level of business conditions echo the faith we have in Australian business, and supporting them remains our biggest priority.
“Working together, we have a unique opportunity as a business community to help build a better Australia,” Ms Mentis said.
To view the NAB Innovation report, visit http://business.nab.com.au/tag/innovation/