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5 December 2007
NAB provides some of the best banking products for financially disadvantaged people according to Money magazine's 'Best of the Best Awards 2008' announced in Sydney yesterday.
NAB's Step UP Loans and Microenterprise Loans were Gold Winners in the Best Socially Responsible Products category of the Awards, which recognise companies making real contributions to helping people on low incomes.
Step UP Loans took the gong for Best Low Income Loans while Microenterprise Loans was a winner in the Small Business section.
Step UP Loans are safe low interest loans for people living on a low income. A Step UP Loan of between $800 and $3,000 can help to buy household goods, purchase a car, or cover medical expenses or house repairs.
The win is a further accolade for NAB's Step UP Loans product which last year was the inaugural winner of Money magazine's Best Socially Responsible Product.
Launched in 2004, the personal loans were NAB's first microfinance product and are a community initiative between the bank and Good Shepherd Youth and Family Service. To date almost 600 people have been helped by a Step UP Loan.
Microenterprise Loans were launched in March this year. The loans help people on low incomes who have few avenues to access affordable business credit. They are designed to help start-ups or support existing businesses of five or fewer people.
The Awards were judged by an independent panel including Paul Briggs, Chairman, First Nation Foundation, founder First Nation CU, delivering financial services to indigenous Australians and Mara Bun, CEO of Green Cross, formerly research director Cannex and CFO of Greenpeace Australia.
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.
Today, NAB has a range of community banking products and services. These products are one of the many ways NAB is helping people to find their dreams and have the confidence to fulfil them.
Find out more about our community banking products.
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