NAB will allocate $2 billion of funding over five years to help emerging technology companies build and grow their businesses.
The bank, one of Australia’s big four, announced its backing would take the form of 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 NAB wanted to boost productivity in Australia’s technology sector by supporting companies at a critical stage of their lifecycle.
“This commitment is about giving technology companies with demonstrated potential for growth the shot-in-the-arm they need to be bigger and better,” Healy said.
“These tech-driven companies are often already profitable but need further capital and banking expertise to grow.
“NAB can support technology companies at every stage of their development – from NAB Ventures which backs starts ups through to big business. This now includes a new team focussed purely on high-growth technology companies. We believe this is a unique proposition from a major Australian bank.”
NAB’s commitment directly addresses one of the economic challenges identified this week by the Australian National Outlook 2019, a collaboration with CSIRO, NAB and 20 other non-government organisations.
The report recommends five key shifts that Australia should make to secure a prosperous future across industry, the urban landscape, energy, land use and culture. The industry shift requires innovation and investment in growth sectors, including technology, to enable a productive, inclusive and resilient economy, with new strengths in both the domestic and export sectors.
“We have used the insights of the Australian National Outlook 2019 report to take action,” Healy said.
“As Australia’s leading business bank, 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.”