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.