It has also improved loan terms
Small business lending specialist Prospa New Zealand (Prospa NZ) has launched a new funding option and improved product terms to better support small and medium-size enterprises (SMEs) better.
The new Prospa Plus Business Loan provides small businesses with funding of up to $500,000 – almost double that of the threshold previously accessible to SMEs.
It has interest rates based on business circumstances, pre-approval without a credit check to access up to $500,000, and a dedicated account manager to assist during the loan term.
As for the loan terms, Prospa Plus Business Loan provides flexibility for small business owners looking for capital by extending the terms by an additional 12 months to up to 36 months, with express path applications only requiring six months’ worth of bank transactions to access up to $250,000.
In addition, no asset security is required upfront to access up to $150,000 in Prospa funding.
Read more: Prospa New Zealand reports 200% growth in originations
As business owners continue to navigate through an unstable environment caused by the COVID-19 pandemic, Prospa is also offering no repayments for the first eight weeks for all approved new or refinanced small business loans until December 31, 2021.
Adrienne Begbie, managing director of Prospa NZ, said the launch was driven by feedback from customers and partners, allowing the company 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,” Begbie added.
“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 [allow] more business owners to recognise [that this time], they can take hold of new opportunities, better manage cash flow, or get organised for end-of-year trade.”
