In a first for the Australian market, NAB will offer eligible existing small business customers access to up to $250,000 with cash available in their account within 20 minutes, following a relaunch of its flagship QuickBiz service.
The new look QuickBiz, which launches in coming weeks will enable a straight-through digital customer experience from within NAB’s internet banking site.
NAB’s Business & Private Bank Group Executive, Andrew Irvine said fast and easy access to funds was critical for small businesses as they bounce back from the pandemic.
“QuickBiz places greater emphasis on the strength of a business rather than traditional bricks and mortar security. Our customers want to act quickly and respond to opportunities in the market, and this is the perfect way for them to scale up, stock up and be right where their customer demand is,” Mr Irvine said.
“QuickBiz will soon feel very different and faster for customers. The application provides a personalised experience, is pre-populated based on information NAB already has on file and is finalised with an electronic signature. Having cash available within 20 minutes of submitting an application will be transformative to so many small businesses.”
Co-Founder of Melbourne’s stylish homewares and fashion brand Kip&Co, Alex McCabe said quick access to funds is good for business.
“Cashflow is vital to every business – being able to be flexible and scale up or secure stock ahead of a big event like Christmas can be crucial for a small company,” Ms McCabe said.
“Sometimes an opportunity comes at short notice so it’s brilliant to know we can have quick access to funds to secure a deal. Now that Kip&Co has a global following, who knows where our next opportunity could come from.”
First launched in 2016, QuickBiz has provided more than 20,000 small businesses across Australia with quick access to cash allowing them to be more agile and flexible in running their operations.
Additional QuickBiz functionality will be made available over the next year giving customers more product choices, flexibility and broader lending solutions. NAB’s enhancements to QuickBiz come on top of a series of changes to simplify banking for businesses including a new digital platform to onboard customers in real time.
- Currently available to qualifying sole traders and single director companies that are existing NAB customers applying for an unsecured QuickBiz term loan or QuickBiz overdraft.
- Terms and conditions, fees, charges and lending criteria apply. See nab.com.au/QuickBiz for details.
About Kip&Co:
Launched in Melbourne in 2012, Kip&Co was founded by sisters Kate Heppell and Hayley Pannekoecke and best buddy Alex McCabe. What started as a bright, colourful bedding brand, quickly expanded into a vibrant lifestyle concept with a cult following, as the girls brought their fun and stylish aesthetic to apparel and homewares for every corner of the home, and every member of the family. Now with a global following, Kip&Co continues to be inspired by the girls’ simple passion for joy, laughter and the colour of life.
