Starting and running a small business can be an exciting and rewarding time, but many people with great business ideas can’t get access to credit to get their business up and running.
NAB Microenterprise Loans are an unsecured business loan starting at $500 and going up to $20,000. They’re for people who have no assets and few or no avenues to access affordable business credit to help start up or support businesses with five or less employees. These loans are provided on a not-for-profit basis and offered at a low fixed interest rate, with a repayment period of up to three years. The first 90 days are also made interest and repayment free.
To date, NAB’s Microenterprise Loan program has provided more than 1200 loans averaging $15,280 – that’s a cool $18.5 million in much needed capital provided to entrepreneurs.
The program works in partnership with a variety of organisations that provide training and small-business advice to loan recipients.
Program partners mentor and help the applicants develop their business plan and provide them with business-skills training and advice during the first year of their business.
The loans are offered through a number of program partners such as Business Enterprise Centres Australia (BECA), New Enterprise Incentive Scheme Association (NEIS), Indigenous Business Australia (IBA) and more. The program partners then refer applicants to a NAB small-business banker.
Are you 18 years and over, an Australian citizen or permanent resident, hold no residential assets and have no overdue debts or have not been bankrupt in the last seven years? If you answer yes to all of these questions and currently – or are willing to – work with one of the above program partners, you can apply for the NAB Microenterprise Loan. To find out more about this program, or to find your nearest program partner, please visit http://www.nab.com.au/microfinance and click on NAB Microenterprise Loan.
