NAB gets behind latest boost for Australian small business
In response to the Federal Government’s revised Coronavirus SME Guarantee Scheme, NAB has announced a loan designed especially for small businesses, offering up to $1 million with no repayments required in the first six months.
NAB Group Executive for Business and Private Banking, Andrew Irvine said: “Australia has had our support from the beginning of this pandemic, and we are doing everything we can to support businesses to get through to the other side.
“It is our responsibility to keep lending and supporting our customers. Every month through this crisis we’ve provided around $2.4 billion to businesses and we stand ready to do even more.
“I encourage customers to get in touch to discuss this new loan and other options we have available to help them get through this.”
Easier access to capital is just one of the reforms that NAB has been advocating for to support the COVID recovery*. Known as the ‘NAB Business Support Loan’ the facility has now been improved to provide a longer term of five years and has expanded funding purposes to help those small businesses with an annual turnover of less than $50 million recover from the pandemic. Principal and interest repayments will apply only after an initial six-month repayment holiday.
Today’s announcement is in addition to the range of support measures NAB is already providing for customers dealing with the impact of the Coronavirus pandemic:
• Business customers experiencing financial difficulty can speak to their banker about deferring their payments on a range of floating and variable rate business loans.
• Complimentary psychological support and financial coaching.
• Free courses to help customers get their business online.
Notes to editors:
• Businesses will be able to access the loan until 30 June 2021.
• The loan will be available at a variable rate of 4.5% for unsecured lending and 3.6% p.a. for secured lending.
• NAB’s Business Options Loan is also available for medium to long term loans of up to $1 million at a special variable rate of 2.95% p.a. available (subject to eligibility criteria)
• The Federal Government’s revised Coronavirus SME Guarantee Scheme is designed for businesses who have been impacted by the COVID-19 pandemic.
• * Research released by NAB identifies reforms needed to unlock growth for small businesses: https://business.nab.com.au/laying-the-foundations-for-stronger-australian-small-businesses-41313/