A number of terms are used in this NAB Microenterprise Loan information. Definitions are provided here.
Credit check
A credit check involves reviewing your credit file with a credit reporting agency.
Credit file
A credit file is a report that records information of relevance for credit assessment purposes. In this instance, a personal credit check.
A credit file includes:
- personal details such as: name, residential address, date of birth, drivers licence number;
- credit applications and enquiries you have made during the past five years;
- records of some current credit accounts;
- overdue accounts (defaults) which may have been listed against your name;
- bankruptcy information; and
- public record information such as directorships and proprietorship
Documents to confirm income and expenditure
When you attend the loan assessment interview, you will be asked to bring along documents to confirm your income and expenditure. Examples include:
- Health Care or Pensioner Concession Card;
- statement of benefit from Centrelink - must be less than two weeks old;
- last two payslips from any casual part-time work;
- document showing length of stay at current accommodation i.e. lease;
- rent statement or last two fortnights receipts;
- most recent utilities bill e.g. gas, electricity, telephone even if these are being direct debited from benefits or bank account;
- copy of last three months savings/cheque account statement;
- copy of current credit card statement (if applicable);
- copy of any outstanding accounts (if applicable);
- motor vehicle registration paper (if applicable).
Mentor support
NAB wants to make sure you have the support needed to be successful. With this in mind, you will be provided with a mentor who will provide advice and guidance on all your business questions and act as a 'sounding board' to help consolidate your business idea.
You must meet regularly with your mentor to discuss your business' performance over the first 12 months of your NAB Microenterprise Loan.
To help your mentor help you manage your finances you must complete a third party authority (see below) when applying for a microenterprise loan. This authority allows your nominated mentor to access financial information about your loan.
Microenterprise
NAB defines microenterprises as basic business enterprises of five or fewer people. This includes an owner-operated business and businesses operated from home.
Proof of Identity
If you are not a NAB customer, you will need to complete a 100 point identity check. You must provide enough ID to reach a minimum of 100 points.
- Birth certificate (70 points).
- Drivers licence (70 points).
- Electricity, gas or water bill (30 points).
- Medicare Card (30 points).
Third party authority
Third party authority allows your nominated mentor to access financial information about your loan. Your mentor will be able to access information including, but not limited to the:
- balance of account;
- amount of available credit;
- payments (if any) due on the account;
- copy of statement of account; and
- transaction information on the account.
The authority will remain in effect for the first 12 months of your business operations. After that time it can be revoked by contacting NAB.
