NAB to offer Aussie businesses $56 billion leg-up for growth

Over 93,000 businesses who bank with NAB will soon have access to funds of up to $2 million, following the launch of a fast-tracked loan application feature.

NAB announced yesterday that the pre-assessment tool, dubbed “Enhanced Application Lending” (EAL), will lend businesses up to $56 billion collectively.

“At a time when the pace is faster than ever and customer needs are changing daily this gives businesses the peace of mind that when they are ready to take the next leap – we are there to back them,” said NAB’s Chief Customer Officer, Business and Private Banking, Angie Mentis.

This isn’t the first time NAB has introduced a process like the EAL for business loan customers. QuickBiz, the credit tool that was launched last year continues to approve unsecured loans of up to $50,000 almost instantly.

While few details have been released about the new EAL tool, the big four bank said it will give businesses access to funds “in the moments that matter”.

“We’re listening to our customers and committed to making it simpler and easier for them. This is not just good for business, it is good for the economy and good for Australia,” said Mentis.

She added that the $56 billion boost may lift employment rates among SMEs, provided it gives them the confidence required to invest and grow.

The news of NAB’s business loan commitment comes as businesses with an annual turnover under $50 million were recently given a tax cut by the Turnbull government.

Prime Minister, Malcolm Turnbull, said in Parliament last week that the tax reduction -  which means that SMEs will soon pay tax at a rate of 27.5% - will create jobs.

"This is a real stimulus to growth and employment, it's a great day for Australian workers and Australian businesses.”