Business Loans

At Prospa, your eligibility depends on a few key factors. Your business must meet our minimum criteria:

• For most industries, 6+ months trading history
• Minimum monthly turnover of $6K
• Business owner must be 18+ years
• Business owner must be a New Zealand citizen or permanent resident

We’re here to help, so feel free to get in touch and our team will check if you qualify.

Simply complete our online form in as little as 10 minutes and get a decision within a business day – often just a few hours. For all applications, you’ll need:

• Your driver’s license
• Your NZBN/IRD
• Your bank account details
• Bank statements
• Some basic financial statements like a P&L and cashflow, for loan amounts above $150K

The amount you can borrow depends on several factors, including the financial health of your business, revenue projections and creditworthiness. Discover which of our products suit your business needs:

• Prospa Small Business Loan – Borrow from $5K to $100K
• Prospa Business Loan Plus – Borrow from $100K to $500K
• Prospa Business Line of Credit – Ongoing access to $2K to$500K

When you apply for our business loan, we will assess the risk profile of your business and provide you with a customised offer including loan amount, term and interest rate.

Our interest rates are determined based on various factors, including your industry, how long you’ve been in business, your credit history and the health of your cash flow.

Speak to one of our specialists and they will work to find a solution that suits your individual business needs.

There are no hidden fees for our business loans, and you’ll know exactly how much you need to pay and when from day one.

You can apply for a loan with Prospa with no upfront cost or obligation to proceed.

When you take out a business loan with Prospa, the only fee you will incur is an origination fee, which covers the costs associated with setting up and managing the loan. There’s no compounding interest and no additional fees (as long as you make your payments on time).

For our Prospa Small Business Loan and Prospa Business Lines of Credit, no asset security is required upfront to access up to $150K.

If you continue to meet your obligations under the facility, such as payment obligations (as detailed in your contract), security will never be required. For facilities over $150K, Prospa takes security in the form of a charge over your assets.

You can choose to repay the entire amount of your business loan early at any time. If you choose to repay your entire loan early, Prospa may provide you with a discount on the remaining interest that is payable on your loan.

The level of discount applied to your repayment amount will depend on how far you are into the loan term and will be at least 25% of the remaining interest payable on your loan.