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Small business entrepreneurs now have the opportunity to be financially supported and mentored by NAB and their approved partner organizations, through their reinvigorated microenterprise loan program.
The 12-month program will provide “valuable mentoring and coaching to clientsâ€, reduce loan processing times by 80% and allow funds to be delivered more quickly.
The NAB micro-enterprise loan offers:
- Unsecured business loan of $ 500 to $ 10,000
- 3 year term
- Fixed interest rate of 9.99%
- 90-day interest-free period
- Access training and support through NAB approved partner organizations
Business Direct and Small Business Executive Managing Director Leigh O’Neill wants to ensure that “all Australians with a business idea, including those who are financially excluded or in difficult circumstances, have the opportunity to access funds, mentorship and support so they can bring this great idea to life.
“We’ve had so many success stories, from ice cream shops and restaurants to dog groomers and even a roller derby shop in Western Australia. This program brings dreams to life.
“More than 20 qualified volunteers from NAB, National NEIS Association (NNA) and Business Enterprise Centers Australia (BECA) worked together to redesign and simplify the application process,†said Ms. O’Neill.
According to the NAB, the funding is primarily used for “purchases of fixed assets such as store fit-out equipment, as well as the purchase of inventory and website development.”
Participants also receive assistance, training and coaching on ‘key aspects of running a small business, including developing a business plan, managing the flow of people. cash flow, tax advice, financial literacy and marketing â€.
“The program is part of NAB’s broader $ 130 million commitment to microfinance for financially excluded Australians.”
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