Small Business Lending

Small Business Lending

Small businesses are an essential part of local communities as well as the economy in Australia. And they have individual needs when it comes to financing their business. Many small businesses often find themselves with a gap in operating capital, making it challenging to manage their ongoing business expenses. That’s where small business lending can help make a difference.

Small business lending helps small businesses to stay afloat

Loans for small business owners can be an excellent choice to help alleviate cash flow challenges. To finance the working capital gap, some lenders lend money upfront to the successful applicant with options for the small business owner to pay the loan back in fixed instalments over a certain period of time.

Prospa is the small business lending specialist

At Prospa, we have already helped thousands of small businesses in Australia and New Zealand, and we are passionate about helping you keep moving forward too. We genuinely care about small business, and our small business lending specialists can help you apply for a suitable business loan that matches your business needs.

You can submit your application online or call us on 1300 653 742 to talk to one of our friendly business lending specialists. If your application is approved, funding is possible within 24 hours. There are no costs to apply for small business lending, and no hidden fees.

Find out more about our small business loans HERE

Thousands of small businesses trust us to provide funding that they have determined is right for their needs. In the non-bank financial services category, we are the #1 ranked online lender to small business in Australia and New Zealand on Trustpilot. We’re proud to have received more than 6,250 reviews on Trustpilot, as well as an excellent score.

Trustpilot

Prospa’s Small Business Loan features

Unlike traditional lenders, Prospa helps you throughout our small business lending process so you are in control. Our fixed terms, flexible repayment options and convenient 10-minute application process allow you to focus on your business. Our offering currently includes:

  • Loans for business of between $5,000 and $300,000
  • No asset security is required upfront to access up to $150,000 of Prospa funding
  • Fixed term of between 3 and 36 months
  • Hassle-free application process with funding possible in 24 hours
  • Fixed daily or weekly or monthly repayments

What to do with your small business loan

Applying for small business lending through a fintech like Prospa gives you a simpler application process and faster decision than with a traditional lender. A loan from Prospa can be used for almost any business purpose too. This includes the growth of your business, taking advantage of a business opportunity, and to balance any cash flow gaps you have in your turnover. Here are a few options to consider when using our small business loan funds:

  • Buy new equipment / upgrade old machinery
  • Grow or expand your business by adding a new product or service
  • Upgrade your IT infrastructure
  • Renovate your business space
  • Run a marketing campaign to boost business
  • Add new touches to your restaurant
  • Purchase new office or café furniture
  • Buy stock in bulk to save money

Find out if you’re eligible for a small business loan

To qualify applying for Prospa small business lending, you must fulfil a few requirements:

  • Be an Australian Citizen (or permanent resident)
  • Be over the age of 18 years
  • Own an Australian business with a valid ABN/ACN
  • Demonstrate 6 months of trading for a new business (or three months if you have purchased an existing business)

If you are applying for $250,000 or less, you need your driver licence number, your ABN and your business BSB and account number. For loans over $250,000, you will also need some basic financial documents, like a P&L and cash flow.

Applying for a loan is quick and easy – simply click on the button below and complete the online application form in as little as 10 minutes.

FAQs

Frequently asked questions

Small business lending is a form of financing for owners of small businesses. To pay for their business expenses, these owners often have multiple options. Most commonly, these options include credit cards, a line of credit at a local bank, business overdraft, and more. A possible option is a business loan. Many business owners find this is a great way to get funding upfront so they can bridge cash flow gaps or finance exciting business opportunities.

Compared to larger companies, small businesses are generally more flexible and are able to react faster to market changes and opportunities (if they have access to available funds). In addition, small businesses often provide credit to customers and must wait multiple days or weeks to get their money. In both instances, small business lending can quickly support the cash flow of the business so that operation runs smoothly. While traditional banks can be relatively stiff in their conditions when they have to provide business loans, some specialists in small business loans can arrange funding in 24 hours, and sometimes without upfront asset collateral.

The advantages of lending for small businesses can be diverse. One potentially crucial factor to consider is that the funds are paid back in regular instalments over a period of time without any additional charges. Knowing what they need to pay, and when, can make budgeting easier for small business owners. With Prospa, loan term time frames can range from three months to three years. In addition, applications can be made in as little as ten minutes, and the Prospa team can often provide an answer in a few hours as long as you apply within business hours and provide all relevant application information. If funding is approved, it is possible to have the funds released to your account on the next business day.

The repayment amount and interest vary depending on factors such as the health of your business, the industry you operate in, how long the business has been running and a number of other factors. Speak to one of our Prospa small business lending specialists about what you could potentially expect based on your business situation – we may even be able to give you an indication of your potential total interest percentage, if approved.

Other questions? Talk to a specialist