(30 May 2006 – Australia) National Australia Bank has reengineered its business lending portfolio to improve processes for lending to small businesses and particularly agribusiness customers.NAB said the process improvements were centred on lending products that integrated with the cash flow cycles of SMEs.
Called NAB Business Options, the product includes better functionality and new features allowing SMEs to manage their term loans according to business needs rather than to bank cycles.
These include repayment and interest charging cycles tailored to either monthly, quarterly, half-yearly cycles; interest charging on any day rather than end of month or bank cycles; and service fees applied according to a business’s cash flow cycle, with monthly, quarterly, half-yearly and annual options available.
NAB chief operating officer of business and private banking, Bruce Munro, said the enhanced term loan offering was designed in response to considerable customer and banker feedback.
“Our aim is to provide customers with a product range that features greater flexibility, increased functionality, innovative features and simplicity,” he said.