Here’s what you get

  • A secured business loan up to $1 million or an unsecured business loan up to $250,000.1

  • No application or loan service fees.^

Eligibility

  • Businesses with an ABN and a combined annual turnover of less than $50 million across all related business entities.

  • New and existing NAB business customers – new applications only.

  • Loans are for approved customers whose businesses have been detrimentally impacted by COVID-19 and must be for business purposes only.

  • Offer available up to 30 June 2021 (signed loan documents required by this date).

  • NAB eligibility and lending criteria apply. See important information below.

The benefits of a Business Support Loan

NAB Business Support Loans have been designed to help our business customers whose business has been detrimentally impacted3 by COVID-19. There is both a secured and unsecured loan option:

  • a secured business loan of up to $1 million with a variable interest rate of 2.95% p.a.2 when secured by a mortgage over owner occupied commercial real estate and you apply by 2 April 2021
  • loans with other security suitable to NAB will receive a variable interest rate of 4.50% p.a.2
  • an unsecured business loan of up to $250,0001 with a variable interest rate of 4.50% p.a.2
  • a loan term of five years
  • no repayment is required for the first 6 months (except where the loan is used to refinance a NAB Business Support Loan provided before 30 September 2020)
    • interest will continue to accumulate on to your loan during this period
    • principal and interest repayments will apply after this period.
  • no application or loan service fees.^

Deferring repayments

It’s important to understand that by deferring repayments in the first six months, you'll pay more interest than if repayments were not deferred. This is because when the initial six-month period ends, your loan balance will include the original loan amount, plus the interest that has accumulated during that time.

You can still make repayments in the initial six-month period. If you do, this will reduce the interest you’ll be charged.

How to apply for a Business Support Loan

Existing NAB Business customers:

  • speak directly with their NAB Business Banker, or
  • enquire online – after you complete the online form, we’ll be in touch to discuss further.

For new NAB Business customers, call us on 13 10 12 to enquire.

We require signed loan documents for your Business Support Loan by 30 June 2021. To allow us enough time to prepare the documents, and for you to have enough time to fill them out, we recommend you apply by 15 June 2021.

For information on the Australian Government Coronavirus SME Guarantee Scheme 2.0, please visit the Treasury website or the Australian Banking Association website.

Please note: we’re currently experiencing a high volume of calls and expected wait times may be longer than usual.

Understanding the eligibility criteria

This loan is available to approved, new and existing small or medium sized NAB business customers:

  • whose business has been detrimentally impacted3 by COVID-19
  • with an ABN and a combined annual turnover of less than $50 million across all their related business entities, and
  • where their signed loan documents are received by 30 June 2021.

The loan must be for business purposes including working capital, capital expenditure, supporting business acquisition, and to purchase owner occupied commercial property.

The loan cannot be used to repay, restructure or refinance existing debt with NAB or another financier, except as permitted by the Australian Government’s Coronavirus SME Guarantee Scheme 2.0 Rules and agreed by NAB. Where this is permitted, the six month payment grace period will not apply.

For larger business customers, NAB is committed to finding appropriate support on a case-by-case basis.

Rates and fees

 Loan Amount Variable rate
Loan Amount Secured loan up to $1 million Variable rate
  • 2.95% p.a.2 for loans secured with a commercial mortgage (when you apply by 2 April 2021)
  • 4.50% p.a.2 for loans with other security suitable to NAB.
Loan Amount Unsecured loan up to $250,000 Variable rate
  • 4.50% p.a.2

The above variable rate is comprised of the Business Options Prime Indicator Rate plus or minus a lending margin. Rates are subject to change.

Other options for your business

If a NAB Business Support Loan isn’t what you’re looking for, we have other business loans and overdrafts that may meet your needs. Some even have a fast and easy online application process.

Alternatively, speak with a NAB Business Banker to discuss your specific needs.

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Important Information

The NAB Business Support Loan is provided as part of the Australian Government’s Coronavirus SME Guarantee Scheme 2.0. While the Government provides NAB with a 50% guarantee on the loan, this in no way changes a borrower's obligations to repay the loan in full by the end of term. The term of the loan is for 5 years. Please note that while this loan requires no repayments for the first six months, interest will also continue to accrue over this period. The loan must be repaid with principal and interest repayments that begin after the first six months.

1The NAB Business Support Loan is available to approved NAB business customers, subject to NAB eligibility and lending criteria. Terms and conditions apply.

The following restrictions/exclusions apply:

  • the aggregated limits of all other Australian Government Coronavirus SME Guarantee Scheme 2.0 backed loans, including from lenders other than NAB, cannot exceed $1 million
  • the loan must not be used to refinance any facilities or loans with NAB, or any other lender or financier, except as permitted by the Australian Government’s Coronavirus SME Guarantee Scheme 2.0. Where this is permitted, the six month payment grace period will not apply
  • self managed super funds are excluded.

2Interest rate current as at 6 October 2020 and subject to change.

Please also see:

3To be considered detrimentally impacted by COVID-19, your business turnover will need to have reduced by more than 20% compared to a similar period in the prior year.

^Other fees may apply.

NAB recommends you consider the Product Disclosure Statement or other disclosure document, available from NAB, before making any decisions regarding these products. These products are issued by National Australia Bank Ltd ABN 12 004 044 937.