The National Australia Bank (NAB) has pledged to lend or invest $2 billion of funding over five years in emerging technology companies.
The figure includes loans, facilitating access to capital markets and supporting companies with transactional banking and risk management.
Chief Customer Officer Business and Private Banking, Anthony Healy, said NAB wanted to boost productivity in Australia’s technology sector.
“This commitment is about giving technology companies with demonstrated potential for growth the shot-in-the-arm they need to be bigger and better,” he said.
“These tech-driven companies are often already profitable but need further capital and banking expertise to grow. NAB can support technology companies at every stage of their development – from NAB Ventures which backs starts ups through to big business.”
The NAB pledge goes to the issues identified this week in the Australian National Outlook 2019, a collaboration with CSIRO, NAB and 20 other non-government organisations.
The report recommends five key shifts the nation needs to make to ensure its ongoing prosperity. The industry shift called for innovation and investment in growth sectors, including technology.
“We have used the insights of the Australian National Outlook 2019 report to take action,” Healy said.
“This $2 billion commitment is further demonstration that we are listening to our customers and supporting their needs today.”
Information on the Australian National Outlook report is available here.