Are you looking for Australia’s largest business lender to help you start, grow, and succeed in your business, but you don’t know what type of loan to apply for? National Australia Bank has introduced various types of business loans to meet your requirements.
The range of loans for small businesses offered by National Australia Bank enables you to manage your cash flow, purchase inventory, and expand your business. Included are the NAB QuickBiz Loan, the NAB Business Options Loan, the NAB Business Markets Loan, the NAB Business Recovery Loans, and the Business vehicle and equipment finance.
This article will examine the various types of National Australia Bank business loans, their requirements, and their benefits.
1. an unsecured NAB QuickBiz business loan
This is considered an unsecured business loan because no collateral is required during the application process; however, you must demonstrate the strength of your cash flow as security, rather than physical assets. Existing NAB business customers can receive up to $250,000, while those new to NAB can receive up to $100,000.
The Term facility has a 1 to 3 year tenor and an annual fixed interest rate of 10.95 percent.
REQUIREMENTS TO APPLY FOR NAB QUICKBIZ UNSECURED BUSINESS LOAN
To be eligible for a NAB QuickBiz loan, you must meet the following Eligibility requirements:
1. You must be at least 18 years old and an Australian permanent resident
2.our business is registered for GST, has an annual turnover of at least $75,000, and has been operating under your current ABN/ACN for more than a year.
3.You must be a sole proprietor, a partnership with no more than two partners, a company with no more than five directors, or an eligible trust trustee.
2. NAB Business Loan Options
The NAB Business Options Loan is a medium- to long-term business loan ideal for business expansion. It is appropriate for SMBs, including sole proprietorships, partnerships, trusts, and corporations. The maximum loan term is 30 years to help you acquire an existing business or finance its expansion.
If your business is registered in Australia, you may borrow up to $1,000,000 in order to expand.
You must have an active ABN or ACN, as well as a business bank account number (if you are an existing NAB client).
Loan for NAB Business Markets
The NAB Business Markets Loan allows you to borrow up to $250,000, with terms ranging from 30 days to 15 years. The borrower may choose between variable and fixed interest rates… You can apply over the phone or in person with a NAB business banker in your area.
NAB Business Reconstruction Loans
The NAB Business Recovery Loans were created to assist small and medium-sized businesses (SMEs) that have been severely impacted by the economic effects of coronavirus (COVID-19). The loan is part of the SME Recovery Loan Scheme (‘Scheme’) of the Australian government.
The SME Recovery Scheme Loan can provide up to $5 million to assist in the recovery of Australian businesses.
You could apply for a secured business loan up to $5 million, with collateral options such as a mortgage on commercial real estate, or an unsecured business loan up to $250,000, with no collateral required.
There are no application or loan service fees, and the maximum loan term is 10 years, with no payments due for the first year. Applicants can access up to $5 million per ABN.
NAB Business Recovery Loans must be used exclusively for business purposes, including:
.supporting business acquisition (when structured in a way that meets SME Recovery Loan rules)
.acquiring owner-occupied commercial real estate
eligible business debt refinancing (restrictions apply)
WHAT TO TAKE INTO ACCOUNT BEFORE APPLYING FOR A LOAN
Business loans can help you manage your cash flow, acquire inventory, and expand your company. The following information will be helpful when applying for a loan.
Loan purpose and amount: You should be aware of how much you need to borrow and how much you can afford to pay back.
loan fees and interest rates: determine the loan fees and interest rates in advance.
Before taking out a loan, it is important to calculate loan repayments.
Your credit score is part of the loan application process
HOW TO APPLY FOR A BUSINESS LOAN FROM THE NATIONAL AUSTRALIA BANK
To apply for a NAB business loan, please apply online or visit your local National Australia Bank branch and speak with a bank representative or loan officer.