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NAB makes $2bn lending commitment to tech companies

The major bank has pledged $2 billion in funding over five years for emerging technology companies in Australia.

NAB has announced its commitment to back Australian tech-innovators by providing loans, facilitating access to capital markets, and supporting companies with transactional banking and risk management.

NAB chief customer officer, business and private banking, Anthony Healy, said the $2 billion pledge is designed to “boost productivity” in Australia’s technology sector.

“This commitment is about giving technology companies with demonstrated potential for growth the shot-in-the-arm they need to be bigger and better,” Mr Healy said.

“These tech-driven companies are often already profitable but need further capital and banking expertise to grow.

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“NAB can support technology companies at every stage of their development - from NAB Ventures which backs starts ups through to big business.”

He added: “This now includes a new team focused purely on high-growth technology companies. We believe this is a unique proposition from a major Australian bank.”

NAB claimed that its commitment helps address one of the economic challenges identified by the Australian National Outlook 2019 — a collaboration with CSIRO, NAB and 20 other non-government organisations.

The report recommended five key shifts across industry, the urban landscape, energy, land use and culture, which NAB stated requires innovation and investment in growth sectors, including technology, to “enable a productive, inclusive and resilient economy”.

“We have used the insights of the Australian National Outlook 2019 report to take action,” Mr Healy said.

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“This $2 billion commitment is further demonstration that we are listening to our customers and supporting their needs today, and planning and investing in Australia’s long-term future.”

NAB’s pledge comes ahead of the close of financial year, which often coincides with a rise in demand for finance from businesses.

Mortgage Business’ sister publication, The Adviser, recently hosted a webcast to discuss the trends and opportunities in the asset finance space in lieu of the end of the financial year.

For more information and to view the webcast, click here.

[Related: SME finance comparison site secures $1m investment]

NAB makes $2bn lending commitment to tech companies
NAB
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