National Australia Bank (NAB) will support and help deliver the new phase of the Federal Government’s SME Recovery Loan Scheme.

Group CEO Ross McEwan said NAB, which is Australia’s largest business lender, would promote the scheme to its small and large customers hurting under domestic and international travel restrictions and ongoing uncertainty.

“With the phasing out of JobKeeper, this is a really comprehensive loan package for those industries that continue to be hit hard by COVID-19,” Mr McEwan said.

“The package is a thoughtful extension to the scheme with significant increases in all key components including eligibility and loan size.

“In particular, the longer dated terms doubling to a maximum 10 years will be really helpful to businesses that were healthy pre-COVID but struggling in the current conditions.

“We are pleased to see specific support for the aviation and tourism industries, given the particularly heavy load these businesses and their many employees have borne over the past year.”

More information on NAB’s COVID-19 support is available at www.nab.com.au/coronavirus.

Audio of Ross McEwan speaking about the announcement is available here: