NAB launches Business Recovery Loan for Australian businesses
NAB has today commenced taking applications under a new lending product, the NAB Business Recovery Loan to extend support to customers continuing to be impacted by COVID-19 and the New South Wales floods. The loan is intended to form part of the Federal Government’s new SME Recovery Loan Scheme.
Group Executive for NAB’s Business and Private Bank Andrew Irvine said as Australia’s largest business lender, the Bank would encourage eligible SMEs still doing it tough to consider the loan.
“With the phasing out of JobKeeper and the recent floods across NSW, this loan will be a great option for those industries that continue to be hit hard by ongoing uncertainty,” Mr Irvine said.
“Together, we can help get Australian businesses and communities back on their feet, sooner.
“We are pleased to begin accepting applications for loans under the scheme from today after collecting expressions of interest online since the day after the scheme was announced.”
The NAB Business Recovery Loan provides borrowers the option of a repayment holiday of up to 12 months, with the potential for up to 24 months, and up to $5 million in lending over 10 years. The NAB Business Recovery Loan includes unsecured or secured solutions (excluding residential property).
To access the NAB Business Recovery Loan, SME customers can connect to their nearest business banker online or over the phone for an initial conversation:
- On the phone via 13 10 12 from 8am – 8pm Mon-Fri, or 9am – 6pm on weekends (AEST/AEDT)
- Online via NAB’s Business Recovery Loan enquiry form
Loan approvals will be subject to final confirmation of NAB’s participation in the scheme.
Notes to editors:
- The Government has set clear eligibility criteria for the SME Recovery Loan Scheme. Businesses may be eligible if they:
- Received or been entitled to receive a JobKeeper payment in respect of one or more fortnights between 4 January 2021 and 28 March 2021; or
- Are a business operated or located in a flood affected local government area which has been adversely economically impacted by the recent floods. (These businesses do not need to have been receiving JobKeeper in the March quarter). Eligible local government areas are listed on the Treasury website.
Other criteria apply. For more information, see http://treasury.gov.au/coronavirus/sme-recovery-scheme
- Other NAB disaster relief customer support measures include:
- Immediate access to $2,000 grants to help cover costs such as temporary accommodation, food and clothing (eligibility details available here).
- $2,000 business grants to help restart or reopen and cover the cost of damaged property, equipment, fencing – and for loss of stock or livestock. NAB business and agribusiness customer wishing to access the grants should call NAB’s dedicated team on 1300 769 650.
- Support to restructure existing business banking facilities, waiving the application fee. Fee waiver on terminal rental for a period of up to three months for merchants with working terminals that are no longer able to trade. Deferral of principal and/or leasing payments.
- Credit card and personal loan relief, as well as waiving application fees and charges for withdrawing term deposits early.
- Complimentary, professional and confidential counselling.