(5 March 2007 – Australia) National Australia Bank has launched an initiative targeting small businesses which struggle to access mainstream finance.The Microenterprise Loan is an unsecured, low interest loan of between A$500 and A$20,000 for small businesses with little or no access to affordable credit.
“Eligible applicants will not only get access to financial assistance but, through the help of government partnerships, will also be given business skills training and advice during their first year of training,” NAB chief executive officer Ahmed Fahour said.
He said the loans were not a “hand out” and that applicants needed to develop a business plan and demonstrate their commitment to the training.
Fahour said the concept was relatively underdeveloped in Australia but had proved successful overseas.