Login
ISCOVER
Small businesses will now have access to up to $100,000 of unsecured loans from a major Australian bank.
National Australia Bank (NAB) has announced that it will now offer small- to medium-sized enterprises (SMEs) quick access to up to $100,000 of funding, without needing to secure the loan against property or cash.
To continue reading the rest of this article, please log in.
Looking for more benefits? Become a Premium Member.
Create free account to get unlimited news articles and more!
Looking for more benefits? Become a Premium Member.
Through the use of the bank’s in-house digital application platform, QuickBiz, customers can now potentially receive a loan from NAB within 24 hours. The system works without the need for a third-party referral.
NAB’s executive general manager of business direct and small business, Leigh O’Neill, said that access to funds is “critical” to small businesses as they grow, adding that she hoped the new initiative would support SMEs by reorienting focus away from their securities and towards the strength of their business.
“There is often a perception that access to credit is difficult without a property or other major asset to secure against,” the general manager said.
“That’s why we’ve responded by placing more emphasis on the strength of the business rather than traditional physical bricks and mortar, and we’re doing this at a fair and competitive price.”
Through the unsecured loans, SMEs can access up to $100,000 with an interest rate of 13.85 per cent.
“Small businesses are the backbone of the Australian economy. We need all parts of the economy — big business, government and industry — to get behind them to move the country forward,” Ms O’Neill stated.
[Related: Small businesses continue to face funding challenges: RBA]
