National Australia bank has introduced the Microenterprise Loan to assist small business owners. The Microenterprise Loan is an unsecured, low interest business loan of between $500 and $20,000 for people who are financially disadvantaged and have few or no avenues to access affordable credit.  NAB supplies the loans on a not-for-profit basis.  The loan is only part of the assistance provided.  Through the support of the Greater Wester Sydney Business Enterprise Centre, eligible applicants will get access to business skills, training and advice during their first year of operating their business.

 NOW – FOR THE FIRST TIME EVER… This BEC is offering a special training program to correspond with this opportunity!

Brief program outline

The program is to assist the low income enterprise category.

Product: Size $500 to $20,000

Interest Rate – 5.99% pa fixed.

Repayment Period: Up to 3 years.  90 Day interest Free access period. (Credit Card Provided)

The target market. Those without assets & those with insufficient operating records/history and those who can’t access sufficient affordable consumer credit.

( Lending is on the basis of demonstrable cash flows.)

Industry and Investment (I&I) compliance:

•10 hours of mentoring (6 hours face to face)
•Business literacy training through workshops (Topics: Manage your money, Marketing, Strategic Planning and Book-Keeping)
•Certificate of Completion presented by ESBEC.

The end-to-end Microenterprise Entrepreneur’s Pathway.

Reaching the right Entrepreneurs	Business Training and Business plan	Lending Start-up and Expansion	Ongoing support and Business Mentor
Individuals must not be able to get loan from mainstream business lenders	Entrepreneurs must have the  Business skills and knowledge  to operate a small business even on a basic level.	Lending taken on a not-for-profit basis	Experienced business mentors will assist entrepreneurs with advice and guidance during the first 12 months of loan.
Entrepreneurs must be intending to create real businesses, real jobs and real value through a genuine proposition to consumers and/or industry	Entrepreneur business training should evaluated on a case-by-case basis however, minimal business plan expectations are standardized.	Lending criteria must fill current mainstream void, but, preserve due diligence principles	.
Community organization and government must help reach deep into communities to find the right entrepreneurs	Entrepreneurs must have ownership of their business plan. The plan must satisfy the minimum expectations of the lender.	Lending criteria embraces successful completion of business literacy training and an assessment by NAB business banker of the viability of the business plan	.