NAB Microenterprise Loans
Starting and running your own small business is one of the most exciting and rewarding experiences of your life. Being able to access affordable business credit can often be daunting with few or no avenues available to those on low incomes.
As part of our Microfinance program to address financial exclusion NAB has been providing unsecured business loans of between $500 and $20,000 for people on low incomes since 2007.
The loans are provided on a not-for-profit basis and are available to help start up or support an existing business of five or fewer employees.
Key features of the NAB Microenterprise Loan
- Loans from $500 to $20,000;
- Interest rate – 5.99% (fixed)
- Up to 3 years repayment period; and
- 90 day interest and repayment free access period.
- Loans are available to help start up or support existing businesses of five or fewer employees. This includes owner-operated businesses and businesses operated from home.
- Liability for the loan sits with the applicant, not the business and recipients get access to business skills training and advice during the first year of their business.
Microenterprise Loans Snapshot - December 2011
- 866 loans issued
- $13.2 million lent
- Average size of loan is $15,694
