More support for small businesses impacted by pandemic

NAB has today announced additional support measures for customers impacted by recent COVID-19 restrictions, including loan deferrals of up to three months for eligible small businesses.

NAB CEO Ross McEwan said: “Australia’s economy has rebounded much faster than anyone expected, but we know there will continue to be challenges and our bankers are ready to help customers who need it.

“Small businesses, especially those in retail, travel, tourism and hospitality have suffered considerably throughout this crisis and these measures sit on top of a range of support we have available.

“We have thousands of bankers around the country ready to help our customers and the business community.”

Details on the additional support measures announced today across the industry are available here.

These measures are in addition to NAB’s existing support for small businesses including:

  • Restructuring of business facilities along with reduced or waived applications fees;
  • Deferral of principle payments across multiple product options;
  • Waiving costs and charges for withdrawing term deposits early giving customers quick access to cashflow;
  • Credit card and personal loan relief;
  • Professional wellbeing support;
  • Business recovery loan options (under the Federal Government’s SME Recovery Loan Scheme) which provide borrowers the choice of a repayment holiday of up to 12 months, with the potential for up to 24 months, and up to $5 million in lending over 10 years.

Support is also available for individual customers including:

  • Providing a temporary reduced payment arrangement;
  • Giving a temporary payment break;
  • Where appropriate, restructuring a home loan or consolidating debt to suit different situations;
  • Wellbeing support or referral to financial counselling.

Business customers struggling with the impacts of COVID-19 are encouraged to call their banker or the NAB Business Customer Care Team. Individuals who need help can call NAB Assist on 1800 701 599. Further information on support available can be found at nab.com.au/coronavirus.

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