NAB to offer six-month deferred loans for businesses impacted by coronavirus
NAB is introducing a business loan package, which will enable small businesses to access up to $1 million.
NAB will offer small businesses loans of up to $1 million with a six-month pause on repayments. Picture: NCA NewsWire/Bianca De MarchiSource:News Corp Australia
National Australia Bank will defer loan repayments by up to six months for businesses urgently needing to access funds to endure the economic storm sparked by the coronavirus pandemic.
The major bank will implement a new loan scheme, which will allow small businesses to access up to $1 million, with no repayments required for the first six months of accessing the debt facility.
NAB’s new Business Support Loan follows a revision of the SME guarantee scheme, which is providing businesses with debt that is partly backed by the federal government.
Unsecured lending by the bank will be provided at 4.5 per cent, while a secured business loan will be offered at 3.6 per cent.
The bank will implement a new loan scheme, which will allow small businesses to access up to $1 million. Picture: NCA NewsWire/Jono SearleSource:News Corp Australia
The support loan will be for a repayment term of five years.
Under the initial COVID-19 small business support scheme, loan terms were only for a maximum of three years.
NAB head of business and private banking Andrew Irvine said easier access to lending would ensure small businesses would be able to survive the COVID-19 induced recession.
“Australia has had our support from the beginning of this pandemic and we are doing everything we can to support businesses to get through to the other side,” he said.
“It is our responsibility to keep lending and supporting our customers. Every month through this crisis we’ve provided around $2.4 billion to businesses and we stand ready to do even more.”…
This article is from news.com.au, you can read the full article here: