National Australia Bank Microenterprise Loan Program

​Low cost finance for small business

A common limitation to the growth of a Micro Small Business is access to affordable business loans or credit from major banks or finance companies.

The National Australia Bank (NAB) through its Microenterprise Loan program aims to specifically address this barrier through the provision of low interest unsecured business loans of between $500 and $10,000 to help start up or support an existing business.

As a NAB Microenterprise Loan partner organisation the BEC at Bendigo TAFE can assist Micro small business owners to prepare an application for a Micro Enterprise Loan.

Applications require a business plan, financial forecasts, financial history and a supporting letter from the BEC at Bendigo TAFE.

For further information and an appointment to meet with one of our Business Counsellors contact the BEC at Bendigo TAFE on 9094 3008. 

Key features of the NAB Microenterprise Loan

  • Interest rate – 9.99% (fixed).
  • Up to 3 years repayment period.
  • Loan funds (from $500 to $10,000) are released through a credit card.
  • 90 day interest and repayment free access period. 
Loans are available to help start up or support existing businesses of five or fewer employees. This includes owner-operated businesses and businesses operated from home.
 
Liability for the loan sits with the applicant, not the business and recipients get access to business skills training and advice during the first year of their business. 

To be eligible for a Microenterprise Loan a small business owner must:

  • Have contacted and worked with a NAB Microenterprise Loan partner organisation specialising in small business management, business skills and business plan development.
  • Be seeking a business loan of between $500 and $20,000.
  • Not be eligible for a mainstream business loan.
  • Be 18 years and over, an Australian Citizen or Permanent Australian Resident.
  • Have lived at current address for at least 3 months.
  • Not have been bankrupt in the last 7 years and have no overdue or outstanding unpaid debts.
  • Provide a business plan and financial forecasts.
  • Be willing to continue to work with a mentor for at least 12 months.

 For further information and an appointment to meet with one of our Business Counsellors contact the BEC at Bendigo TAFE on 9094 3008. ​​