NAB is offering $56 billion to back small to medium business when it counts with the introduction of ELA, an Enhanced Lending Application tool that pre-assesses more than 93,000 business customers so they can have simple and quick access to funds when they need them.
NAB’s Chief Customer Officer, Business and Private Banking Angie Mentis made the announcement today in a keynote speech where she said the introduction of ELA will not only offer invaluable support for many business customers, but has the potential to have a substantial positive kickback to the economy.
“At a time when the pace is faster than ever and customer needs are changing daily this gives businesses the peace of mind that when they are ready to take the next leap – we are there to back them,” she said.
Ms Mentis said ELA will change the way NAB business customers plan for their future, and help them take their business aspirations from blueprint to reality.
“As Australia’s biggest business bank, and with SMEs employing significantly more than half of the nation’s workers, this gives our business community the confidence to know they have the help to invest and grow,” she said.
“We’re listening to our customers and committed to making it simpler and easier for them. This is not just good for business, it is good for the economy and good for Australia.”
Customers can apply for up to $2 million, making this the biggest offering of its kind on the market.
ELA has been fully developed and will be rolled out to eligible NAB Business customers by the end of May and will be adopted by all Business and Private Bankers by the end of the year.
The ELA application builds on NAB’s commitment to being innovative and agile for business customers. Last year NAB launched Quick Biz which provides small businesses with up to $50,000 in an unsecured loan via a digital application that provides instant conditional credit decisions and enables approved funds to land in accounts within 1 business day.
“For more than 150 years NAB has contributed to the financing of the high streets of Australia’s regional towns, and supported millions of businesses that have been making a contribution to the nation’s prosperity,” Ms Mentis said.
“Our customers are telling us back me in the moments that matter and we are responding with a system that offers simplicity and reliability.”