We understand the challenges facing businesses and uncertainty experienced by all Australians in the wake of Coronavirus (COVID-19). NAB continued lending throughout the Global Financial Crisis and we’ll continue to lend through this. Our focus is to support you with your financial needs in any way we can. Whether it’s assisting with cash flow, working capital solutions, restructuring existing finances or payment deferrals.
If your business has been detrimentally impacted by COVID-19, we have a range of options to support you.
Subject to our eligibility and lending criteria, you could take out a new unsecured NAB Business Support Loan and borrow up to $250,000 with:
- no application or loan service fees, a loan term of up to three years, a variable interest rate currently 4.5% p.a.
- no repayments required for the first six months (interest will still accumulate on to your loan in this period, and principal and interest repayments will apply after this period).5
This loan is available for business customers with a combined annual turnover of less than $50 million across all their related business entities. It can only be used for working capital purposes and is not available for refinancing.
For details about this loan, including eligibility and lending criteria, please refer to NAB Business Support Loans.
You could also defer your business loan payments.
If you already have a business loan with NAB, you can apply to defer your principal and interest payments for up to six months on a range of business loans. This includes floating and variable rates and equipment finance loans excluding business overdrafts and commercial bills. Interest will continue to accumulate on to your loan.
NAB eligibility criteria applies your business must be detrimentally impacted by COVID-19, and customers must be current in terms of existing facilities 90 days prior to applying.