How to Apply for a NAB Microenterprise Loan

Before applying for finance, you should first ask and answer some questions:

 

Does your business require finance?

The need for finance is often linked to how a business manages its cash flow. The first step should be to consider whether there may be other avenues to grow your business other than by borrowing. You should also consider what your repayments will look like and how this impacts the current cash flows of the business.

If you believe your business will benefit from the additional finance its time you consider your eligibility.

Top of page

Are you eligible for a Microenterprise loan?

To be considered for a NAB Microenterprise loan you must;

  • Have contacted and worked with one of our partners specialising in small business management, business skills and business plan development;
  • Be seeking a business loan of between $500 and $20,000;
  • Must not be eligible for a mainstream business loan;
  • Be 18 years and over;
  • Be an Australian Citizen or Permanent Australian Resident;
  • Not have been bankrupt in the last 7 years and have no overdue or outstanding unpaid debts;
  • Provide your business plan and financials;
  • Be willing to continue to work with a mentor for at least 12 months.
  • Applicants with outstanding personal loans must demonstrate a repayment history, for a minimum of the previous three months for existing NAB or other personal lending held.

Top of page

How do you get your Microenterprise Loan application started?

The first step is to determine which partner is most appropriate for your business needs. We work with a range of different organisations that provide support in small business management, business skills and business plan development, each partner has different eligibility requirements.

A full list and details on each of the partner organisations is available;

Top of page

What do you need to have to apply?

You must have the following items prepared before applying:

  • A current business plan (with an executive summary) and financials. It is not necessary to rewrite an entire business plan if you already have one, just provide a revised executive summary and any minor amendments where changes have been experienced. Financials must be updated to provide an accurate reflection of the business’ current status.
    Minimum requirements for a business plan (pdf, 422kb)
  • Letter of support from one of the partner organisations.
  • A completed NAB Microenterprise Loan application form.
    NAB Microenterprise Loan application form (pdf, 327kb)
  • Documents to confirm income and expenditure;
  • Proof of identity; and
  • Documents to support information presented in the business plan (poof of contracts signed, agreements).

Top of page

What is the process from here?

  1. Contact one of our partner organisations and work with them to make sure your business plan and financials are up to date and that you meet all of the eligibility requirements.
  2. Once satisfied, they will then provide you with a letter of support for the application and forward it to NAB with the required documents.
  3. You will be contacted by a NAB Business Manager who will arrange an interview to:
    • Assess the strength of your business plan and financial projections;
    • Ask you some tough questions about your business;
    • Confirm that you are able to take on the repayment needs of the loan;
    • Forward your application to a Credit Manager for a decision.
  4. Once the decision has been made, you will be notified, if successful a NAB Microenterprise Loan facility will be established and you will receive the card in the mail.

Please see our Frequently Asked Questions for further information or for any enquiries please send an email to microenterpriseloans@nab.com.au

Top of page