Prospa is Australia's Number One online small business loan lender. They've been around since 2011 and were one of the first lenders to help businesses through an entirely digital platform. The company is joint-led by the two founders, Greg Moshal and Beau Bertoli, both extraordinarily accomplished and passionate entrepreneurs with extensive financial services experience. Since 2011, the company has grown substantially, helping tens of thousands of small businesses all around the country with the funding they need to grow and prosper. Their formula for success lies in their fantastic customer experience and transparent practices.
They've lent over $1.3 billion in the last nine years and achieved a clean sweep of the MFAA Excellence Awards for Fintech Lender of the Year, winning all awards possible. In 2019, they became the first online small business lender to have undertaken a full review of their loan terms, consulting with ASIC. Followed by their ASX listing debut, it's evident that integrity and transparency are at the heart of what Prospa is all about.
Prospa offers two main product categories. Small business loans and business lines of credit. Their small business loans start from just $5,000 for businesses just getting started on their growth journey. If you're more established, they can fund up to $300,000. This range of funding amounts means that Prospa can grow with your business and provide funding until you make it to the big-time. These loans are paid out in a lump sum and offer flexible repayment options over a term of 3 to 24 months, allowing you the flexibility to manage your business cash flow. The application is straightforward and takes less than 10 minutes. If you're looking for a loan of less than $150,000 you won't even need to provide financials. Asset security is also unrequired up to $100,000, meaning you can get a fast decision on your application within 24 hours. When approved, you can easily check your balance with the Prospa Mobile App and online Customer Portal.
Their line of credit product addresses the need for those businesses who require a cash safety net for short term cash injections. This product is revolving, meaning that once approved for credit (between $2,000 and $100,000), you'll be able to draw down and repay from that amount all year. You can make additional repayments at any time and have the option to renew the line of credit facility every 12 months, giving you peace of mind. The application is simple, just like their small business loans, so it's easy to get started.