New unsecured $50,000 financing to help Australian small businesses grow faster
National Australia Bank (NAB) today announced it will be the first Australian bank to offer a complete suite of unsecured, self-service digital financing facilities to help small business customers grow their business faster and easier.
NAB has added to its leading QuickBiz unsecured loan offering some new financing options, including an overdraft facility and any one of NAB’s business credit cards, giving eligible customers flexibility to choose which best suits them.
NAB Chief Customer Officer Business and Private Banking Angela Mentis said: “We know fast and easy access to funds is critical for small businesses as they grow. While many businesses take out loans, some prefer an overdraft to best manage cash flow while others work best with business credit cards because of the payment convenience that the product provides. Supporting the sector with choice and simple and quick access to credit is a key priority for us at NAB.”
Similar to the QuickBiz loan, QuickBiz overdraft and NAB Business credit card facilities applied for online, each have an unsecured $50,000 limit.
Once application contracts are signed and returned, cash is delivered to customer accounts within 24 hours and cards are sent via mail within 48 hours. Customers can apply for one of the three products via a fast digital application process through nab.com.au, with conditional credit approval granted in minutes.
“Small business owners are critically time poor and this restricts their ability to expand and create new jobs. We want to give them time back through simple and convenient online applications, and provide choice and certainty so when they spot an opportunity to grow, they can act quickly.”
Ms Mentis added: “We are listening to our customers and responding to their needs. We’re the only bank to offer such a unique SME credit product offering and we are proud to lead in the digital self-service space for the lifeblood of the Australian economy. “
NAB’s Unsecured Solutions Fast Facts:
- Unsecured loans, overdraft and credit card facilities, up to $50,000 available for eligible Australian SMEs
- Connectivity to XERO or MYOB data
- Solutions help Australia small business owners who are time poor and require choice: 69% of SMEs say the administrative burden takes away from actually growing their business, while 46% prefer an overdraft facility to manage cash flow in their business.
- For more information on QuickBiz Loan, click here
- For more information on QuickBiz Overdraft, click here
- New and existing small business customers can now apply online for business credit cards. For more information, click here