NAB targets entrepreneurs with new unsecured business loan

NAB Bank will soon launch a new unsecured loan capped at $50,000 for small businesses, in response to the large portion of aspiring entrepreneurs in the country.

QuickBiz is the latest brainchild of in-house innovation hub NAB Labs set to approve eligible customers’ online business loans within minutes. A credit checking system built on Application Programming Interface technology will make for fast application turnaround.

“The Australian economy relies on entrepreneurs who innovate, establish new industries and create jobs,” said NAB Group Executive Business Banking, Angela Mentis.

NAB research revealed that one third of Australians have business owner aspirations, with half of them being a part of the millennial generation. The data found cash flow support from banks was critical for young startups to grow.

“In the early days of business ownership, small businesses often only require small amounts of funding – and many owners don’t have a property or other significant assets to secure a loan against,” Mentis said.

“We stand ready to back Australian businesses with great ideas, providing simple, quick funding solutions to support small businesses looking to grow”.

Key QuickBiz Loan facts:

  • 13.85% fixed interest rate with no setup or monthly fees.
  • The business applicant must have been in operation for at least 12 months.
  • Eligible business types are sole traders, partnerships (with two or less partners) and private companies with less than two directors.

Business loan application tips:

  • Ensure you have a clean credit history to minimise delayed approval or rejection.
  • If you’re applying for NAB’s QuickBiz, be prepared to supply the last 12 months of your MYOB or XERO business accounting data.
  • Have a strong, long-term business plan to provide if requested by your lender.
  • Compare loans using Mozo’s comparison tables before signing that dotted line to ensure you’re choosing a competitive rate business loan with suitable features.