Need cash to get your idea off the ground? ENYA is here to help!

The Enterprising Network for young Australian’s (ENYA) established the Microenterprise Loan to help young entrepreneurs to get support and financial assistance without asset security or a financial track record. This makes it perfect for young people! Yey!

It is all thanks to the National Australia Bank (NAB) who have partnered with ENYA for this one.

The Microenterprise Loan provides:

• A loan between $500 and $20,000 for the purpose of starting or growing a business.
• A low interest rate: 9.95% p.a. fixed for the term of the loan.
• Access to a wide network of support services.
• Access to the Youth & Enterprise Legal Centre, that can help with legal matters associated to starting and running a small business on a reduced-fee basis.
• The opportunity to learn and develop skills in relation to the challenges facing young people in small business throughout the life of the loan.

To be eligible to apply for the Microenterprise Loan, each applicant will need to satisfy the following requirements:

• Must be between 18 and 29 years of age.
• Must be committed to starting or expanding a business.
• Must not have had any bankruptcies in the last 7 years.
• Must demonstrate sound business planning skills, or the potential to develop these skills.
• Be highly motivated and committed to establishing a sustainable business.
• Must be willing to work with a mentor for at least 12 months.

More information regarding ENYA’s Microenterprise program can be found at www.enya.org.au or by calling ENYA on 1300 136 921.