The five-year funding allocation will help emerging technology companies grow and grow their businesses.
The bank will support Australia’s technology innovators by providing loans, facilitating access to capital markets and supporting businesses with their banking and risk management.
NAB currently runs NAB Ventures, which supports technology companies from start-ups to large enterprises, but this will be funded by NAB itself.
Anthony Healy, NAB’s director of client and private banking, said NAB wanted to increase productivity in the technology sector by supporting businesses at a critical stage.
“This commitment aims to give technology companies with demonstrated growth potential the boost they need to become bigger and better,” Mr Healy said.
“These technology-driven companies are often already profitable, but need more capital and banking expertise to grow. »
NAB decided to specifically target emerging technologies, as this model would bring new opportunities and also challenge traditional services.
This decision follows the 2019 Australian National Outlook which the CSIRO collaborated on, and which outgoing NAB President Ken Henry was a part of.
The report recommends five key changes Australia needs to make to ensure a prosperous future in industry, landscape, energy, land use and culture.
NAB’s financial commitment is geared towards industry where it was recommended that more innovation and investment was needed to enable a productive and resilient economy.
Mr Healy said NAB used this information to take actions that would help create new strengths in the Australian economy, both for the domestic and export sectors.
“As Australia’s leading merchant bank, this $2 billion commitment demonstrates once again that we are listening to our customers and meeting their needs today, and planning and investing in the future at long term of Australia.
Alongside NAB Ventures, NAB also sponsors a number of technology initiatives, including Macquarie Park Innovation District; Advance, which brings expat entrepreneurs back to Australia; and the Australian Business Growth Fund.
