Hemp Hemp Hooray! started with no capital but a NAB Microenterprise Loan got them going. Here they share some highs and lows.
Starting and running your own small business is one of life’s most exciting and rewarding experiences. But accessing affordable business credit can often be daunting, with few if any avenues available to those on low incomes.
NAB’s Microenterprise Program has been set up to support small businesses that have difficulty accessing mainstream finance. This is part of NAB’s belief that all Australians should have access to banking.
Since 2007, NAB has been providing unsecured business loans of between for people on low incomes. The program works in partnership with a variety of organisations that provide training and small business advice to loan recipients.
Program partners mentor and help the applicants develop their business plan and provide them with business skills training and advice during the first year of business.
Key features of the NAB Microenterprise Loan
- Loans from $500 to $10,000;
- Loans dispersed in the form of a credit card;
- Up to 3 years repayment period;
- 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.