NAB to offer six-month deferred loans for businesses

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.

Gerard Cockburn

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 b…
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