NAB wins Best Socially Responsible Products awards

NAB provides some of the best socially responsible products for financially disadvantaged people according to Money Magazine's 'Best of the Best Awards 2009'

NAB’s StepUP Loans won the best product in the ‘low income: customer focus’ category for the third year in a row and, for the second year running, the Microenterprise Loan program clinched the award for best product in the ‘low income: enterprise’ category.

NAB’s products were applauded by an independent panel of judges because of their “diversity and breadth of reach”.

StepUP Loans are safe low interest loans between $800 and $3,000 for people living on a low income. Launched in 2004, these small, not-for-profit personal loans were NAB's first microfinance product and are a community initiative between NAB and Good Shepherd Youth & Family Service. StepUP loans are used to buy household goods, purchase a car, or cover medical expenses or house repairs.

Via the Microenterprise Loans program, NAB has also helped establish and support businesses with unsecured, not-for-profit business loans of between $500 and $20,000 for people on low incomes with few or no avenues to access affordable business credit.

In 2006 NAB made a three-year, $30 million commitment to provide safe, affordable small loans to individuals and families who have the aspiration to get ahead but for one reason or another are financially marginalised. This commitment was further extended with NAB’s announcement to increase available loan capital to the Microenterprise Loans program to $100 million.

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