Here’s what you get
- A secured business loan up to $5 million or an unsecured business loan up to $250,000.1
- Ability to defer your initial principal and interest repayments for 12 months.2
- No application or loan service fees.^
NAB Business Recovery Loans have been designed to help small and medium sized enterprises (SMEs) that have been hit hard by the economic impacts of coronavirus (COVID-19). The loan forms part of the Federal Government’s SME Recovery Loan Scheme.
The NAB Business Recovery Loan is provided as part of the Australian Government’s SME Recovery Loan Scheme (‘Scheme’). Eligibility under the Scheme is determined by the Scheme rules.
We know end of financial year is a busy time for you. To ensure your application is processed in time, please submit your application by 13th May 2022. Otherwise, we may not be able to process your application in time to be eligible under the SME Recovery Loan Scheme.
Learn more about the Australian Government SME Recovery Loan Scheme.
You can apply for a secured or unsecured loan. We can help you understand the differences between secured and unsecured loans if you’re unsure which is right for you.
You can apply for a secured business loan of up to $5 million, with security options including a mortgage over commercial real estate, or other security suitable to NAB.1 Residential property cannot be used to secure this type of loan.
You can apply for an unsecured business loan of up to $250,000.1
There are several key benefits of NAB Business Recovery Loans for eligible businesses, including:
It’s important to understand that by deferring your repayments, you'll pay more interest than if principal and interest repayments were made from the start of your loan (your loan commencement). Once your deferral period ends, your loan balance will include the original loan amount, plus the interest that’s accumulated during your repayment deferral.
You can still make repayments during the deferral period. If you do, this will reduce the interest you’ll be charged.
Your business may be eligible if:
We must receive your signed loan documents by 30th June, 2022. To allow sufficient time for this to occur, you’ll need to submit your application to us by 13th May 2022. Please note that the loan must only be used for business purposes, such as:
The NAB Business Recovery Loan is not available for customers of NAB’s Institutional Bank. We’re committed to finding appropriate support for these larger businesses on a case-by-case basis. Please contact a Corporate and Institutional banker for further support.
|Loan amount||Variable rate|
|Secured loan up to $5 million||
|Unsecured loan up to $250,000||Variable rate 4.75% p.a.3|
The above variable rate is comprised of the Business Options Prime Indicator Rate plus or minus a lending margin. Rates are subject to change. Residential property cannot be used to secure this type of loan.
If you aren’t eligible for a NAB Business Recovery Loan, we may have other support options available for your business. Alternatively, we have a range of business loans and overdrafts that may meet your needs.
Starting a business or looking to expand? Our range of business loans, overdrafts, equipment and trade finance options can help you achieve your goals.
While the Government will provide NAB with a partial guarantee on these loans, 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 10 years. Please note that while approved applicants are eligible to defer repayments, interest will continue to accrue over this period. The loan must be repaid with principal and interest repayments that begin after the deferral period.
1 To ensure your application is processed in sufficient time to allow for approval, preparation and return of signed loan documents within the time specified in the SME Recovery Loan Scheme Rules, please submit your application by 13th May 2022. Otherwise your application may not be eligible under the SME Recovery Loan Scheme.
The following additional restrictions and exclusions apply:
2 You can request a shorter repayment deferral. You can apply for a repayment deferral of up to 24 months subject to NAB’s discretion.
3 Interest rates are current as of 13th May 2022 and subject to change.
Please also see:
^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.