Emerging technology companies to receive $2 billion boost
Emerging technology companies could access a share of $2 billion over five years to build and grow their businesses.
Yesterday morning, NAB announced it would back Australian tech-innovators by providing loans or access to capital markets, as well as helping companies with risk management.
NAB Chief Customer Officer Business and Private Banking Anthony Healy said the bank wanted to boost productivity in Australia’s technology sector by supporting companies at a critical stage of their lifecycle.
“This commitment is about giving technology companies with demonstrated potential for growth the shot in the arm they need to be bigger and better,” Healy said.
“These tech-driven companies are often already profitable but need further capital and banking expertise to grow.”
NAB’s commitment directly addresses one of the economic challenges identified this week by the Australian National Outlook 2019 – a collaboration between the CSIRO, NAB and 20 other non-government organisations.
The report recommends five key shifts that Australia should make to secure a prosperous future across industry, the urban landscape, energy, land use and culture. The industry shift requires innovation and investment in growth sectors, including technology, to enable a productive, inclusive and resilient economy, with new strengths in both the domestic and export sectors.
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