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.
“Small 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, ”said Ms. Marinkovic.
“We are determined to help Australia emerge from the pandemic and help businesses across the country invest.
“Faster business loans make it easier for a busy small business owner to find a quick decision. The loan terms give them the opportunity to make a pragmatic decision between potentially paying rent or buying and owning 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 FastTrack Business Loan can access more information at www.nab.com.au/bol, through their small business banker or licensed broker.