NAB Micro Loans

Starting and running your own small business is one of the most exciting and rewarding experiences of your life. Being able to access affordable business credit can often be daunting with few or no avenues available to those on low incomes.

As part of the its Microfinance program to address financial exclusion NAB has been providing unsecured business loans of between $500 and $20,000 for people on low incomes since 2007.

The loans are provided on a not-for-profit basis and are available to help start up or support an existing business of five or fewer employees.

Key features of the NAB Microenterprise Loan

  • Loans from $500 to $20,000;
  • Interest rate – 9.99% (fixed)
  • Up to 3 years repayment period; and
  • 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 through their BEC have  access to business skills training and advice during the first year of their business loan


How to Apply for a NAB Microenterprise Loan

Before applying for finance, you should first ask and answer some questions:

  • Does your business require finance?
  • Are you eligible for a Microenterprise loan?
  • How do you get your Microenterprise Loan application started?
  • What do you need to have to apply?
  • What is the process from here?


Does your business require finance?

The need for finance is often linked to how a business manages its cash flow. The first step should be to consider whether there may be other avenues to grow your business other than by borrowing. You should also consider what your repayments will look like and how this impacts the current cash flows of the business.

If you believe your business will benefit from the additional finance its time you consider your eligibility.


Are you eligible for a Microenterprise loan?

To be considered for a NAB Microenterprise loan you must;

  • Be a client of Box Hill BEC
  • Be seeking a business loan of between $500 and $20,000;
  • Must not be eligible for a mainstream business loan;
  • Be 18 years and over;
  • Be an Australian Citizen or Permanent Australian Resident;
  • Not have been bankrupt in the last 7 years and have no overdue or outstanding unpaid debts;
  • Provide your business plan and financials;
  • Be willing to continue to work with a mentor from Box Hill BEC for at least 12 months.
  • Applicants with outstanding personal loans must demonstrate a repayment history, for a minimum of the previous three months for existing NAB or other personal lending held.


How do you get your Microenterprise Loan application started?

Download an Application form here. Then phone 8892 2002 or email This e-mail address is being protected from spambots. You need JavaScript enabled to view it to make an appointment with Richard or Stuart and complete the application form.


What do you need to have to apply?

You must have the following items prepared before the application is forwarded to the NAB.  Box Hill BEC can assist with the preparation of these items.

  • A current business plan (with an executive summary) and financials. It is not necessary to rewrite an entire business plan if you already have one, just provide a revised executive summary and any minor amendments where changes have been experienced. Financials must be updated to provide an accurate reflection of the business’ current status.
  • Minimum requirements for a business plan (pdf, 422kb)
  • Letter of support from Box Hill BEC – hence the need for the appointment with Richard or Stuart.
  • A completed NAB Microenterprise Loan application form.
  • NAB Microenterprise Loan application form (pdf, 327kb)
  • Proof of identity; and
  • Documents to support information presented in the business plan (proof of contracts signed, agreements, income, expenditure, etc).


What is the process from here?

  1. Contact Box Hill BEC and work with us to make sure your business plan and financials are up to date and that you meet all of the eligibility requirements.
  2. Once satisfied, we will then provide you with a letter of support for the application and forward it to NAB with the required documents.
  3. You will be contacted by a NAB Business Manager who will arrange an interview to:
    • Assess the strength of your business plan and financial projections;
    • Ask you some tough questions about your business;
    • Confirm that you are able to take on the repayment needs of the loan;
    • Forward your application to a Credit Manager for a decision.
  4. Once the decision has been made, you will be notified, if successful a NAB Microenterprise Loan facility will be established and you will receive the card in the mail.


NAB Microenterprise Loans - Frequently Asked Questions


Am I eligible?

If you are unable to get a normal business loan through a bank and you have a sound business idea, you are likely to be eligible for a NAB Microenterprise Loan.


What is a microenterprise?

NAB define microenterprises as basic business enterprises of five or fewer people. This includes an owner-operated business and businesses operated from home.


How much can I borrow?

The maximum value of a NAB Microenterprise Loan is $20,000. The minimum value of a loan is $500.

  • The loans come with a 5.99% p.a. interest rate fixed for the period of the loan.
  • 90 day access period is interest-free.
  • Loan repayments are monthly.
  • Loan term depends on whether you pay more than the minimum monthly payment or make any extra payments, but may be up to 3 years.


There are no account-keeping fees. Fees apply for certain activities, such as purchases in foreign currencies or repeat statements.

Because liability for the loan sits with the individual and not the business, careful attention will be paid by NAB to make sure a customer has the ability to repay a loan and not over extend their weekly budget.


How much will I pay?

This will depend on:

  • how much you borrow;
  • the term of the loan which is up to 3 years;
  • how often you pay a loan instalment. In the case of a NAB Microenterprise Loan this is monthly only.


There are no monthly account-keeping fees, although fees do apply for certain activities when using the account. The interest rate on a NAB Microenterprise Loan is 5.99% p.a. (fixed). Your minimum monthly payment is calculated as 3% of the credit limit agreed between you and your banker.

This table gives you a guide of what you would pay monthly with a 9.99% p.a. interest rate.


Loan Term (3 years)

Loan Amount





Monthly Repayment






This table shows what you will pay in total, if you make only the minimum payment every month. This is the loan amount plus all interest over the life of the loan with a 9.99% p.a. interest rate, but without any extra fees included.

By making more than the minimum monthly payment, or by paying off extra amounts (which can be done at any time without penalty) you may be able to reduce these amounts.


Loan Amount





Total payment (over 3 Years)






What if I have a poor credit history or some bad debts?

You may still qualify for a NAB Microenterprise Loan. The amount of outstanding debt will need to be less than $500 and you will have to arrange to repay the outstanding debt.

If you are unsure whether you have any outstanding debts on your credit history you can apply to obtain a free credit history report from


What can I borrow money for?

NAB Microenterprise Loans can be used for:

  • plant and equipment;
  • leases;
  • furniture and fixtures; and
  • working capital.


This list is not exhaustive. Loans are not limited to one item. However, NAB Microenterprise Loans are not for consolidation of any debt. If you need to access a portion of the loan  in cash or bank cheque due to being unable to purchase certain items by credit card this can be done at the discretion of your banker.


Do I have to come into the branch?

Yes. Working closely with your NAB business banker will be central to the success of your business. You must attend an assessment interview with a business banker and if successful, go through the loan approval process.


Do I have to be an existing NAB customer?

No. If you are not a NAB customer you will need to complete a 100 point identity check. This means you must provide the following ID items to reach a minimum of 100 points:

  • Birth certificate (70 points)
  • Drivers licence (70 points)
  • Electricity, gas or water bill (30 points)
  • Medicare Card (30 points)


What should I do first?

Download an Application form and make an appointment with a BEC advisor by phoning 8892 2002 or emailing This e-mail address is being protected from spambots. You need JavaScript enabled to view it


I really need money now - can you help?

The NAB Microenterprise Loan  is not an overnight process and can take up to four weeks. In particular, NAB wants to make sure that it does not put you in a worse position and that you have the necessary finance and support you need to be successful.


With this in mind, how quickly you can be approved for a loan depends on your level of business readiness.

NAB defines business readiness as, having the necessary skills, training or experience needed to make your business a success and a robust business plan that meets NAB's minimum requirements for a business plan.


Special Course Offers

Box Hill BEC will be delivering a Certificate IV in Small Business Management (BSB 40407) over the December/January period.  This program will commence on Monday December 5th.  For eligible participants we are able to offer this program at a greatly discounted rate of $275 (usually $913).  To be eligible, participants cannot already have any Australian Qualification at Certificate IV level or higher.  For further information, please phone 8892 2002 or email This e-mail address is being protected from spambots. You need JavaScript enabled to view it


Tel (03) 8892 2002