Trouble getting finance?
THE NSW Department of Trade and Investment and Enterprise and Training Company Limited (ETC) have partnered with the National Australia Bank (NAB) to deliver the Microenterprise Loans Program to help support start-up and existing small businesses.
ETC's national manager business and strategy, Jackie Parkinson, said this service was an extension of the help ETC already offered the business community through its delivery of the Mid North Coast Business Advisory Service.
"We are very aware that small business growth is often hampered by limited access to funds," Ms Parkinson said.
"That's why ETC is pleased to partner with NAB and Trade and Investment NSW to help eligible businesses access loans from $500 to $20,000."
Who can participate?
If you are unable to get a normal business loan through a bank and you have a sound business idea or own and operate a business with five or less people, you may be eligible for a NAB Microenterprise Loan.
What can I borrow money for?
Plant and equipment; leases; furniture and fixtures; and working capital.
How can I apply?
For new businesses, you must complete a NAB Microenterprise Loan application and an executive summary of your business idea. Forms are available from ETC.
For existing businesses, you must complete a loan application and an executive summary of your business, and you must also provide copies of your business's most recent financial statements.
Once completed, application forms and business summaries are to be submitted to ETC for screening.
If your application has been deemed suitable, you must undertake business literacy training with the main outcome being the successful completion of a new/revised business plan and a certificate of completion.
The literacy training will be held in a workshop format over four days and held at ETC premises.
Finally, your ETC approved business plan will then be sent to NAB for "business-ready" approval.
NAB defines business readiness as having a robust business plan and the necessary skills, training and experience required to ensure your business is successful.
Ms Parkinson said after successfully securing a loan, recipients may access mentoring support from ETC to help them achieve their goals.
For more information and to consider your eligibility contact Kevin Riddell at ETC Business Solutions on (02) 6648 5400 or email firstname.lastname@example.org.