16 Oct 2020

NAB backs Australia’s Business Growth Fund

NAB has today welcomed the Federal Government’s announcement of the formal establishment of the Australian Business Growth Fund to boost the growth prospects of small and medium businesses.

NAB Group Executive for Business and Private Banking Andrew Irvine who recently joined NAB from Bank of Montreal in Canada said the bank had invested $100 million in the Fund and were strong supporters of the platform as a new way for Australian businesses to access long-term equity capital.

“Access to capital is critical to help businesses reach the next level of growth and I know from my experience with the Canadian Business Growth Fund that initiatives like this are a powerful way to support entrepreneurs,” Mr Irvine said.

“This news will be particularly important to small businesses right now as governments and industry work together to support Australia’s economic rebound.

“I’d like to congratulate the Fund’s newly appointed CEO, Anthony Healy – Anthony has been one of the strongest supporters of the Business Growth Fund’s establishment.  We are pleased that someone with Anthony’s extensive experience will be leading the Fund and we look forward to working with him to support entrepreneurs right across Australia.”

NAB’s recent research* into the barriers small businesses experience revealed that easy access to capital is often a challenge for entrepreneurs. The Business Growth Fund, which will be $540 million in size following the contributions from the other banks and the Federal Government, is a crucial step in giving small businesses greater access to capital.

“Australia has managed the health and economic crisis extremely well, and we have the opportunity to rebound strongly from the impacts of COVID-19. We will continue to advocate for long-term reform to support SMEs to thrive and power Australia’s economic recovery and beyond.”

NAB’s recent support for Australian businesses and the economy has also included:

  • Employing another 500 people to the business bank to drive growth opportunities and support customers in need.
  • Launching digital platform Pollinate to help merchant business customers with real-time insights on their business performance.
  • Taking action to simplify business merchant pricing and rollout of merchant choice routing.
  • Running free webinars for small business owners on cyber security, digital marketing and soc ial media.
  • Providing fast access to cashflow capital at a low interest rate through the NAB Business Support Loan (linked to Government SME Guarantee Scheme).

ENDS

 

Notes to editors:

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