NAB Announces New Loan Terms To Boost Small Businesses
In a first for the Australian market, NAB announced today that it will provide qualifying small businesses across the country access to apply for business loans with loan terms of up to 30 years for a maximum of $ 2 million.
The application process uses only digitally captured self-reported financial data and will have longer loan terms up to 30 years as well as expanded loan-to-value ratios (up to 80% for commercial and 100% for residential ).
NAB Executive for Small Business, Ana Marinkovic, said the ability to lend up to $ 2 million over 30 years with self-reported income would be a key differentiator in the market.
âSmall businesses are the lifeblood of Australia’s economy. As Australia’s largest investment bank, we have supported businesses for 160 years to ensure they have the funds they need to grow and prosper, âsaid Ms. Marinkovic.
âWe are determined to help Australia emerge from the pandemic and help businesses across the country invest.
âFaster business loans make it easier for a busy small business owner to find a quick decision. The terms of the loan give them the opportunity to make a pragmatic decision between the potential payment of rent or the purchase and ownership of their premises. “
As Australia’s premier investment bank, NAB manages over half a million small business clients across the country with 2,000 bankers ready to serve this critical community.
Customers interested in NAB’s FastTrack Business Loan can access more information www.nab.com.au/bol, through their small business banker or licensed broker.