If you feel that your business is on the verge of it’s next big milestone, but don’t have the necessary funds to nudge it to the next level, you would be thinking about getting into a loan.
NAB is currently offering a QuickBiz Loan, allowing small business owners to take the next big step for their business. This is the type of loan that will allow you to progress beyond, whether it be taking advantage of a good business opportunity, expanding your business to a new location, or increasing staff members to deal with a growing clientele.
Benefits and Features
Below are some details on how the QuickBiz Loan works.
- Simple online application that can be completed in approximately 20 minutes
- Fast online decision
- Money in your account within three business days of receiving your completed contract.
- Loans from $5K to $50K
- Fixed rate of 13.85%p.a. with no upfront or ongoing fees (Interest is calculated based on your remaining balance)
- Monthly principal and interest repayments
- Fixed loan term of 12 or 24 months
- Connect to your online accounting package or upload your financial data
Before you can even think about getting a QuickBiz loan, you need to know if you are eligible. Look at the requirements below.
- You need to be a Sole Trader, Partnership with up to 2 partners or Company with up to 2 directors
- Your business must have been in operation for at least 12 months and have a valid Australian Business Number (ABN)
- You need to be at least 18 years old and hold an Australian citizenship or permanent residency
- Your business and residential address must be in Australia
If you meet all of these requirements, you are eligible.
Link your accounting data
If you need this done quickly, your best bet is to connect to your Xero or MYOB Essentials accounting package. This can be done through NAB’s secure application for quicker assessment of your financials.
File upload is also available for MYOB AccountRight and MYOB AccountEdge.
WHAT DO I NEED TO APPLY?
Your business details (ABN or ACN)
ID information if you’re a new NAB customer (passport, driver licence, Medicare card)
Other director, partner and shareholder details (if applicable).
12 months of financial data from your Xero or MYOB accounting package
Your business trading account details (including where you make your ATO payments)
Your accounting package login details (if you have one)
APPLY ONLINE IN THREE EASY STEPS
Simple and easy online application
Provide some basic personal and business information to get started
Link 12 months of financial information and you’ll get a decision within 60 seconds
Receive your funds
Once NAB receives your completed contracts, they’ll deposit the funds into your account within three business days
How does it work?
- This loan is available only as fixed interest rate principal and interest loan for a 12 or 24 month term with monthly repayments at a rate of 13.85% per annum. Variable rate loan and interest only loans are not available. Economic costs may be payable if you terminate early.
- You can only receive funds from one approved NAB QuickBiz Loan every 90 days.
- Fast online decision is subject to credit assessment and ID verification
- This loan is only available for loans which are wholly or predominately for business purposes. This loan cannot be used to make payments to the Australian Tax Office.
- Your business must have been in operation for at least 12 months and have a valid Australian Business Number (ABN).
- You need to be at least 18 years or older to apply and hold an Australian citizenship or permanent residency.
Who is this loan available to?
- This loan is only available for sole traders, business partnerships with 2 or less individual partners, and companies with 2 or less directors borrowing in their own right. It is not available for joint borrowers who are not partnerships, or partnerships where one or more partner is a company. It is not available if you are borrowing as trustee of a trust.
- Any shareholders of companies listed in the application must be individuals, and not companies.
What do I need?
- If you are an existing NAB Customer, you must have operated all accounts in accordance with the terms of those accounts.
- If you are an existing NAB Customer, you can only apply for this loan if you have less than $1m in existing business lending and less than $100k in unsecured business lending with NAB (inclusive of this application).
- You must have an Australian bank account, in the same name as your business, to receive your funds.
- NAB may have other options which suit your business better if you do not meet the conditions for this loan. You can contact NAB at 13 10 12 to discuss.