Kate Carnell, The Australian Small Business and Family Enterprise Ombudsman, has praised the National Australia Bank after it expanded its definition of small business to capture total lending of up to $5 million.
“We feel up to $5 million is appropriate for many small businesses especially capital intensive businesses and family enterprises, such as farms and manufacturers” said Ms Carnell.
“Anything below $5 million is clearly out-of-date and does not represent the true lending picture of Australia’s small businesses.
“Small businesses are the engine room of the Australian economy and it’s vital they are able to grow and to employ.
“I applaud NAB for taking a leadership position and urge other banks to follow."