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National Australia Bank this week announced that it will soon introduce an unsecured loan to back small businesses.
The NAB ‘QuickBiz’ loan, due to launch in early June, will allow eligible customers to apply for up to $50,000 in funding through a new online application process.
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NAB group executive of business banking Angela Mentis said the major bank has introduced the loan in an effort to support entrepreneurs.
“In the early days of business ownership, small businesses often only require small amounts of funding – and many owners don’t have a property or other significant assets to secure a loan against,” Ms Mentis said.
“As the biggest business bank in the country, we stand ready to back Australian businesses with great ideas, providing funding solutions to support small businesses looking to grow,” she said.
The launch of the new loan has been spurred by the bank’s research, which has shown that one in three Australians would like to run their own business, with banking support commonly cited as a critical element.
To be eligible to apply for the loan, a business must have been in operation for at least 12 months. It must be a sole trader, partnership with two or fewer partners, or a private company with two or fewer directors.
Additionally, the loan will be offered at an interest rate of 13.85 per cent and will have no establishment or service fees.
