NAB Microenterprise Loan Program

If you have a sound business idea yet are unable to get a normal business loan through a bank, you may be eligible for the NAB Microenterpise Loan! Loans are available to assist start up or existing businesses within the first 2 years of trading.

Experience...

National Australia Bank Microenterprise Loan

Financial support and mentoring.  Big on ideas and low on funds?  The NAB Loan could be the answer.  

Take a look at what a NAB Load could do for your business here...

About the Loan

The loans are provided on a not-for-profit basis and are part of the National Australia Bank’s Microfinance commitment to ensuring that all Australians have access to fair and affordable banking services.

What are the key features of the NAB Microenterprise Loan?

If you are unable to get a normal business loan through a bank and you have a sound business idea, you may be eligible for a NAB Microenterprise Loan.  NAB Microenterprise Loans are unsecured business loans between $500 and $20,000. 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. 

  • Loans from $500 to $20,000;
  • Loans dispersed in the form of a credit card;
  • Fixed Interest rate:
    – for loans applied for and approved on or before 31 March 2015: 5.99% p.a. A minimum monthly repayment charge of 3.00% of the credit limit during the repayment period will apply.
    – for loans applied for and approved on or after 1 April 2015: 9.99% p.a. A minimum monthly repayment charge of 3.25% of the credit limit during the repayment period will apply;
  • 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.

Factors to consider

Does your business require finance?  The need for finance is often linked to how a business manages its cash flow. The first step should be to consider whether there may be other avenues to grow your business other than by borrowing . You should also consider what your repayments will look like and how this will be factored into the current cash flows of the business.  If you believe your business will benefit from the additional finance, its time you consider your eligibility. 

Are you eligible for a Microenterprise loan?

To be considered for a NAB Microenterprise you must:

  • Have worked with The Business Centre who specialise in small business management, business skills and business plan development
  • Be seeking a business loan of between $500 and $20,000 and not be eligible for a mainstream business loan
  • Be 18 years and over
  • Be an Australian Citizen or Permanent Australian Resident
  • Not have been bankrupt in the last 7 years and have no overdue or outstanding unpaid debts
  • Provide your business plan and financials
  • Be willing to continue to work with a mentor for at least 12 months
  • Demonstrate a repayment history, for a minimum of the previous three months, for existing NAB or other personal lending held, if you have outstanding personal loans

What do you need to do to apply?

What is the process from here?

Contact The Business Centre and book in an appointment with a Business Advisor.  You will work with our team ensure your business plan and financials are up to date and that you meet all of the eligibility requirements. The Business Centre will then provide you with a letter of support for the application and forward it to NAB with the documents required.  You will be contacted by a NAB Business Manager who will arrange an interview to:

  • Assess the strength of your business plan and financial projections
  • Ask you some tough questions about your business
  • Confirm that you are able to take on the repayment needs of the loan
  • Forward your application to a NAB Credit Manager for the final decision

NAB Microenterprise Loan - a financial solution to getting your business started.

Download an Application Form and Business Plan Requirements information to assist you with the process.

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"I'm so very grateful for the Mentoring I received from Brooke through the NEIS program!" -- Roz Ewart
"I love working with Brooke, I always leave the mentoring appointments feeling energised and ready for business" -- Antonia Gore
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