Loans for young entrepreneurs

As a lot of us know it can often be quite the struggle to get a small business loan or some capital to start up your micro business. I've recently found that the National Australia Bank along with a social enterprise group called ENYA is trying to change that. They are offering unfixed loans of $500- $20,000 to people aged between 18 -29. The loan application process seems quite simple and is based pretty much on the strength of your business plan. It's really good to see something like this out there. Here's a snip from there website.

"ENYA, with the support of the National Australia Bank (NAB) is committed to assisting young people overcome these barriers and is proud to introduce the NAB Microenterprise Loan Program to young people. This innovative Program makes finance, business training and ongoing support available to young people to establish or expand a business.

Specifically ENYA and the NAB’s Microenterprise Loans have been developed to support young entrepreneurs by offering:

▪ A loan of between $500 and $20 000 to young people for the purpose of starting or growing a business.
▪ A low interest rate: 5.99% p.a. fixed for the term of the loan.
▪ Access to wide network of support services including a toll free advice line, an on-line forum for young entrepreneurs and free access to business information.
▪ Access to the Youth and Enterprise Legal Centre, another of ENYA’ s initiatives, which can help you with many of the legal matters associated with starting a business on a reduced-fee basis.
▪ The opportunity for skills development in relation to many of legal matters they face in business through the free Law Sense workshops and its comprehensive program materials."

for more www.enya.org.au