NAB give time back to small business owners with overdraft option

NAB have continued to grow its commitment to small Aussie businesses, recently adding an overdraft facility as part of its unsecured, self-service digital financing suite.

In June, NAB announced that it would be launching QuickBiz Loans and yesterday followed up their SME initiative with an additional $50,000 overdraft option for its customers as well as access to any of the bank’s business credit cards.

According to research by NAB, 69% of SME’s say that the administrative burden takes away from growing their business, and the small business initiative aims to give time back to small business owners and make cash easily accessible.

“Small business owners are critically time poor and this restricts their ability to expand and create new jobs,” said NAB Chief Customer Officer for Business and Private Banking, Angela Mentis.

RELATED: Pros and Cons of Business Overdrafts

“We want to give them time back through simple and convenient online applications, and provide choice and certainty so when they spot an opportunity to grow, they can act quickly.”

After successfully applying online, NAB customers will have access to the overdraft within 24 hours, with business credit cards sent within 48 hours.

The overdraft option comes with a relatively low 14.25% variable interest rate on the funds you use and a 1.75% service fee on the approved limit.

The new offering from NAB adds to the range of financing options available for small business owners.

Last month, American Express released their Business Explorer Card for small businesses featuring a 16.99% interest rate and access to a lucrative rewards program.

RELATED: New up-and-coming lenders shaking up the business loan scene

Mentis says NAB is committed to helping small businesses grow in Australia.

“We are listening to our customers and responding to their needs. We’re the only bank to offer such a unique SME credit product offering and we are proud to lead in the digital self-service space for the lifeblood of the Australian economy.”

Mozo’s business loan application tips:

  • Keep your credit history clean to minimise any hitches in the application process.
  • If applying for NAB’s QuickBiz overdraft, have at least $100,000 worth of turnover for each year.
  • Be prepared to supply the past 12 months of your MYOB or XERO business data and have a strong business plan for the future.
  • Make sure you compare your options before signing on the dotted line.