Microfinance briefings held

National Australia Bank has held briefings in Sydney and Melbourne on the findings of a report on establishing an affordable small loans program for financially disadvantaged microenterprises. 

Conducted by the Boston Consulting Group on a pro bono basis, the study estimates that between 6,000 and 12,000 potential new micro-businesses require funding each year but are unable to obtain it from mainstream lenders.

Stakeholders from Government, the banking industry, business training organisations and community groups heard about lessons gained from Australian and international experience with delivering microenterprise development programs in developed economies.

NAB is now developing a specialised product to deliver loans to people who have great business ideas but few options when it comes to access safe, affordable credit. 

NAB aims to launch the loans in several pilot locations in early 2007.

View the media release.

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