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Incubator
Connect Program |
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What is
the Incubator Connect Program?
What is
the Incubator Connect Program?
The
Incubator Connect Program is a joint initiative between the
National Australia Bank (NAB) and Business Innovation and
Incubation Australia (BIIA).
The
Program aims to target small business owners who are supported
by small business incubators and welcomes applicants
from all around Australia.
What does
the Program offer?
Successful applicants
will receive:
-
A NAB Microenterprise Loan facility; and
-
The assignment of a dedicated BIIA staff member to assist with
the Program application process and offer ongoing support
and
mentorship.
How much
support will applicants receive?
A
dedicated BIIA staff member will provide applicants with
support in the following areas:
Information and
Assistance
-
Provide information and assistance with the application process;
and
-
Provide business advice, support and encouragement to potential
applicants in relation to their proposed business idea.
Application
Support
-
Review all material provided in the application;
-
Request any additional material for the purposes of submitting a
stronger application; and
-
Follow up application process on behalf of applicants to check on
progress of application and offer any required
assistance.
Ongoing Support and
Mentoring
-
Ensure successful loan applicants receive ongoing support and
mentorship; and
-
Provide guidance on compliance, legal and marketing
matters.
Who is
eligible to apply?
To be
considered for a NAB Microenterprise Loan under this Program,
applicants must:
-
Be currently tenanted or supported by a small business
incubator;
-
Not have had bankruptcies in the last 7 years;
-
Be 18 years and over;
-
Be an Australian Citizen or Permanent Australian
Resident;
-
Be seeking a business loan of between $500 and $20,000 to start or
continue a business venture with 5 or fewer people;
-
Be willing to update their business plan and financials;
and
-
Be willing to work with a mentor for at least 12 months.
What is
the application process?
The
Program application process is as follows:
-
Interested applicants should send an email to: microenterprise
loan with subject line:
'Incubator Connect Program'.
- In the email, the applicant
should indicate which Business Incubator they are currently
involved with and briefly describe the nature of their business
venture.
-
A designated BIIA representative will then contact the
applicant and discuss the requirements especially the
completion (or update) of a business plan, including
financials.
-
The BIIA representative will then review the completed documents
and forward them to a NAB business banker. These documents
will
include: An updated business plan; Updated financials; A letter of
support from the applicant's small business incubator as approved
by
the BIIA representative; and a letter of support from the
applicant's current supplier, employee, landlord or
customer.
-
Upon being contacted by the NAB business banker, the applicant
will arrange to meet with the business banker for a loan assessment
interview. The applicant
will then be required to complete and submit a Microenterprise Loan
Application Form prior to this interview.
-
Applicants should treat this interview like a job interview and
will need to come prepared with the following documentation: Proof
of identity; Letters of support (see
above); A completed Microenterprise Loan Application Form; and ABN
details.
-
Note that the designated BIIA representative will be there to
support the applicant through the entire application
process.
There are
four steps in the application process.
Step
1 - Self assessment and Eligibility
Step 2 -
Business Plan and financials update
Step 3 -
Loan Approval
Step 4 -
Contract hand over and information session
NAB Microenterprise Loan Self Assessment
& Eligibility
Download Forms
Below
NAB Minimum
Requirements for Business Plan
NAB
Microenterprise Loan Terms and Conditions
NAB
Microenterprise Loan Application Form
Where can
interested applicants find out more?
Interested applicants
who would like to know more about the NAB Microenterprise Loan
can find out more by clicking the following link:
NAB
Microenterprise Loan.
info@businessicubation.com.au
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