25 Aug 2021

NAB welcomes eligibility changes to the SME Recovery Loan Scheme

NAB Group Executive Business & Private Bank Andrew Irvine has today welcomed the announcement by the Federal Government to expand the eligibility criteria of the SME Recovery Loan Scheme.

SME businesses with a turnover up to $250m impacted by COVID-19 can now access loans of up to $5 million for a term of up to 10 years under the expanded scheme.

“Many small businesses across Australia are continuing to do it tough due the impact of extended lockdowns and border closures. The SME Recovery Loans are a good option for businesses who need additional capital at this time and expanding the eligibility criteria is a positive step.

“As Australia’s largest business bank, we remain ready to support our customers that need help. We have thousands of bankers around the country ready to help our customers get through this. Our bankers will work with customers to understand their situation and what we can do to support them.

“We encourage everyone out there to get behind their local small businesses. There’s no better time to buy local.

“It’s promising to see vaccination rates rising across the country. When you’re eligible, please get vaccinated; it’s clear vaccination is the pathway out of this. Let’s all do our part in fighting this virus and unlocking greater freedoms again.”

Business customers struggling with the impacts of COVID-19 are encouraged to call their banker or the NAB Business Customer Care Team. Individuals who need help can call NAB Assist on 1800 701 599. Further information on support available can be found at nab.com.au/coronavirus.

Support available to businesses can include:

  • Restructuring of business facilities along with reduced or waived applications fees;
  • Deferral of principal payments across multiple product options;
  • Waiving costs and charges for withdrawing term deposits early giving customers quick access to cashflow;
  • Credit card and personal loan relief;
  • Professional wellbeing support.
  • Business recovery loan options (under the Federal Government’s SME Recovery Loan Scheme)

Support available for individual customers can include:

  • Providing a temporary reduced payment arrangement;
  • Giving a temporary payment break;
  • Where appropriate, restructuring a home loan or consolidating debt to suit different situations;
  • Wellbeing support or referral to financial counselling.

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