Small business lending specialist, Prospa, launched a new Line of Credit product which allows business owners to tap into flexible, ongoing access to funds of up to NZ$150,000.
Earlier this year, Prospa surveyed* Kiwi small to medium business owners to highlight key challenges they face in the current business environment. The survey found 2 in 3 businesses were interested in accessing a Line of Credit product due to flexibility, and ability to have greater control over cash flow.
The COVID-19 pandemic has changed the financial circumstances of many small businesses, and there is a lot more flexibility required to ride the waves of uncertainty that have followed.
Kiwi small business owner, Deborah Delport, runs an engineering company based in Palmerston North. When incoming payments started becoming unpredictable due to the impact of COVID-19, Deborah felt a great sense of security having access to Prospa’s Line of Credit.
“During COVID I anticipated a cash dip, recently it has been taking longer to receive payments, so when Prospa reached out about their Line of Credit it was like they read my mind.
“It has been a great buffer for my business, and it’s nice to know that funds are available in the background to fall back on if needed, while not having to pay interest on funds I don’t use,” said Deborah.
Fast access to funds ensures that Deborah’s business continues to operate with flexibility, eliminating the stress that’s commonly associated with periods of limited cash flow.
Prospa Managing Director, Adrienne Begbie, says the company is incredibly pleased to meet the needs and desires of Kiwi small businesses.
“From our survey, and through anecdotal feedback, we’re hearing about the demand for more flexible fundings products for small business operators. Flexibility is the key after the unexpected challenges faced over the past few years. We’re witnessing small business owners seek access to funding to assist with temporary cash flow gaps as they navigate through the environment,” says Begbie.
Prospa’s Line of Credit product provides business owners with ongoing access to funds of up to NZ$150,000 over a 24-month term, with an option to renew. Businesses that are eligible will be able to draw down on the facility whenever they need and pay interest only on the funds used. The product helps business owners cover staff wages or repay a supplier invoice, offering peace of mind and flexibility during times of heavy cash outgoings.
The application process takes as little as 10 minutes, with fast decisioning to make funding available within 24 hours of approval.
Business owners interested in Prospa’s Line of Credit can find more information here.
Media Contact:
Elysha Taylor, One Plus One Group
[email protected]
+64 27 924 3649
* The survey was conducted online via One Picture between Jan 27 to Feb 10, 2022, among a sample size of 525 small business owners in New Zealand with one to 50 employees.