Lender Prospa Offers Government Business Return Loans Version
A small business lender, Prospa, has continued to offer its own version of business return loans since the government program ended in June.
Prospa said it exceeded expectations by lending all of its business loans under the government’s business finance guarantee program for small and medium-sized enterprises (SMEs).
Prospa, along with several other alternative lenders, were added to the government program in April, allowing more SMEs to access credit for cash flow, capital spending and responding to Covid-19.
Adrienne Begbie, Managing Director of Prospa NZ, said: “We could not have asked for a better result, especially to lend the entire allowance in such a short time frame.”
The loan program saw Prospa’s June quarter loans increase 72% from the previous quarter, which is why the company continued to offer loans modeled on the government-backed program.
“We have helped over 11,900 Kiwi small business owners to date and are so proud to have supported this community to get back on their feet and feel empowered again for the future,” said Begbie.
“We are delighted to continue to serve this new market segment with our continued return to business loans.”
Prospa’s Business Return Loans in the amount of $ 100,000 to $ 300,000 have been offered on a fixed term of up to 36 months, with an optional initial no-repayment period of up to four weeks. , no security of assets required upfront to access funding up to $ 150,000, and a turnaround of applications.