Prospa Launches Enhanced Funding Solutions To Better Support Kiwi SMEs’ Recovery And Growth

Small business lending specialist, Prospa, has today announced the launch of its new funding option and refreshed product terms to better support Kiwi small businesses.

The newly introduced Prospa Plus Small Business Loan provides funding of up to $500,000 – almost double that of the threshold previously accessible to SMEs – with interest rates based on business circumstances, pre-approval without a credit check to access up to $250,000, and a dedicated account manager to assist during the loan term to provide Prospa’s premium customer service.

The loan terms of the Prospa Plus Small Business Loan provides further flexibility for small business owners looking for capital. Loan terms have been extended by an additional 12 months, to up to 36 months, with express path applications only requiring six-month’s worth of bank transactions to access up to $100,000. No asset security is required upfront to access up to $150,000 in Prospa funding.

As business owners continue to navigate through the uncertainties of the pandemic, Prospa is also offering no repayments for the first eight weeks for all approved new or refinanced small business loans, until 31 December 2021*.

Adrienne Begbie, Managing Director of Prospa NZ, said:

“We’re delighted to be able to provide New Zealand’s small business community with solutions that are tailored to their needs. The launch of our Prospa Plus Business Loan has been informed by direct feedback from our customers and partners, and allows us to service those in need of larger sums. Through this, we can support a greater number of SMEs in their recovery and growth, as they look to bounce back from this pandemic.

“Our small businesses are resilient and have demonstrated great strength, time and time again. We hope our new product, improved terms and eight week no repayment offer allows more business owners to recognise, that this time tomorrow, they can take hold of new opportunities, better manage cash flow, or get organised for end-of-year trade.”

* Terms and conditions apply. No repayment period offer available to new and existing customers on a new or refinanced Prospa Small Business Loan or Prospa Plus Business Loan that is approved and settled between 25 October and 31 December 2021 (inclusive). Approved customers can elect to take an optional initial no repayment period of between 1 to 8 weeks from the loan settlement date, during which interest will accrue but no repayments will be required. Total loan repayment term will be extended by the time equal to the selected no repayment period (1 to 8 weeks) and interest will accrue from the loan settlement date until the end of the term. Interest that accrues on the loan during the no repayment period is capitalised and included in the total interest expense and forms part of the regular fixed daily or weekly repayments due on each payment date following the end of the no repayment period. Offer only available to businesses established and operating in New Zealand. Offer not available to refinance an existing Prospa loan that is within a no repayment period at the time of application, or in conjunction with any other Prospa offer. Offer may be withdrawn without notice. Standard credit approval criteria, fees, terms and conditions apply. See more at www.prospa.co.nz.

About Prospa

Prospa is a financial technology company and a leading provider of cash flow products and services that help small businesses to grow and prosper. The company operates across Australia and New Zealand and employs over 200 people.Prospa has a Net Promoter Score over 77.

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