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Young Entrepreneurs

This loan is offered in conjunction with the Enterprise Network for Young Australians (ENYA).

The loan is for entrepreneurs aged between 18 and 30 years wishing to start a new business.

Applications are invited from throughout Australia. The loan application process is largely web-based.

How to apply for a loan

There are four steps in the application process: (Download as PDF)

Step 1 - Self assessment and eligibility
To be considered for a NAB Microenterprise Loan under the Young Entrepreneurs Program you must meet the following criteria:
- Be aged between 18 - 30 years.
- Be an Australian Citizen or Permanent Australian Resident.
- Not have had bankruptcies in the last 7 years.
- Be seeking a business loan of between $500 and $20,000 to start or continue an enterprise with five or fewer people.
- Be willing to take part in, and complete, an online self-guided application process which includes developing a business plan and financials.
- Be willing to work with a mentor for up to 12 months.
Getting started

If you think you are eligible for a loan, complete the complete the ENYA online application process. This asks you to complete a personal profile and develop a business plan.
Step 2 - Business plan development
To supplement the web-based nature of the Young Entrepreneurs Program, ENYA has a fulltime dedicated staff member to help you:
- develop your business plan;
- provide advice and guidance on all your business questions;
- act as a 'sounding board' to help consolidate your business idea; and
- identify any support you may need during the first 12 months of your new business.
In addition to help from ENYA, NAB has developed a guide to help you develop a business plan that meets its expectations. There is a link to 'NAB's minimum requirements for a business plan' at the bottom of this page.

Once your business plan, including financials, is complete, ENYA will review your application and:
- provide the contact details for a NAB business banker; and
- provide a letter of support.
With these details in hand, it will be your responsibility to contact the nominated NAB business banker to arrange a loan assessment interview (see step 3). Before this interview, you will be required to complete and submit a Microenterprise Loan Application Form to this banker.

NOTE: Only updated business plans lodged with a letter of support from ENYA will be considered for a Young Entrepreneurs NAB Microenterprise Loan.
Step 3 - Loan assessment interview
NAB wants to make sure it does not put you in a worse position by offering you a loan and that you have the necessary finance and support you need to be successful.

With this in mind, you should treat the assessment interview like a job interview and come prepared.

Eligibility check

During the interview a NAB business banker will:
- ensure you are not eligible for a normal NAB business loan;
- do a personal credit check to ensure you have no overdue or outstanding unpaid debts of $500 or more;
- assess the strength of your business plan and financial projects;
- confirm that you are able to take on the repayment needs of a loan;
- do a company search to confirm ownership, proprietorship, directorship and structure (if an existing business).
Loan approval

A NAB business banker will assess your loan application. To make a decision the banker will need:
- a copy of the updated business plan and financials;
- letters of support from ENYA and if it is an existing business, a letter of reference from an existing supplier, employee, landlord or customer.
What to bring to the loan assessment interview
- Proof of identity.
- Updated business plan - including financials.
- Documents to confirm income and expenditure.
- Letters of support (see above).
- A completed Microenterprise Loan Application Form.
- Australian Business Number (ABN) - (existing business only).
Step 4 - Contract signing and information session
To make sure you understand the terms and conditions of the NAB Microenterprise Loan, a NAB business banker will conduct an information session for you and a representative from ENYA.

You will also receive your Microenterprise Loan Card to start turning your business idea into reality.

Young Entrepreneur success stories:
	Unihair At just 25, hairdresser Grant Lucas owns his own successful salon, works the hours he chooses and boasts a clientele of some of Adelaide’s best minds.		Prospect designs Dalby designer Jeremy Butler is showing regional and rural entrepreneurs that they don’t have to move to the city to make their mark.

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How to apply for a loan

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Young Entrepreneurs