Small Business Line of Credit

As a Kiwi business owner, you could need quick access to capital for many reasons. So, if you own a small business in New Zealand, a small business line of credit from Prospa may be a good fit for you.

Advantages of getting a small business line of credit

To support your small business through cash flow crunches, you could benefit from finding a way to access capital quickly. That’s where a small business line of credit comes in really handy. There are certain advantages that come with opening business lines of credit over more traditional forms of business finance including the flexibility and control offered.

At Prospa, we saw the need to provide small businesses with quick access to funds to support working capital without the need for upfront collateral. So we developed the Prospa Line of Credit. As New Zealand’s small business lending specialists, we offer a range of funding options in addition to the Line of Credit, such as Small Business Loan and Prospa Plus Loan, all of which can provide benefits to small businesses. Find out more about our products here and discover the opportunities that await you at Prospa.

Get a small business line of credit with Prospa

To support your small business through cash flow crunches, you could benefit from finding a way to access capital quickly. That’s where a small business line of credit comes in really handy. There are certain advantages that come with opening business lines of credit over more traditional forms of business finance including the flexibility and control offered.

At Prospa, we saw the need to provide small businesses with quick access to funds to support working capital without the need for upfront collateral. So we developed the Prospa Line of Credit. As New Zealand’s small business lending specialists, we offer a range of funding options in addition to the Line of Credit, such as Small Business Loan and Prospa Plus Loan, all of which can provide benefits to small businesses. Find out more about our products here and discover the opportunities that await you at Prospa.

Why it pays off to carefully choose your financing option

For entrepreneurs and small business owners, finances can be an ongoing challenge. Every step of the way, you may need to decide whether to seek investors, take out loans, or pause your plans. That’s why choosing the right small business financing option is a good starting point to achieve a healthy financial year ahead. Additionally, the market is constantly changing, as is our environment and everything in the supply chain. However, finding a suitable financing option for your small business in New Zealand, such as a small business line of credit or business loan, can give you the assurance that your needs and revenue are supported.

Why NZ small businesses love Prospa’s Small Business Line of Credit

To know more about what Prospa’s Small Business Line of Credit is, take a look at the many reasons why you should give it a try:

  • Line of credit between $2,000 and $150,000
  • Use and reuse as often as you like, with an initial term of 36 months
  • Only pay interest on the funds you use
  • Set up single and recurring payments using the online portal
  • Apply in as little as 10 minutes with minimal paperwork
  • Fast decision with funding possible within 24 hours
  • Dedicated business lending specialist
  • No asset security is required upfront to access Prospa funding up to $150,000

When should you consider using a small business line of credit

Before deciding to go with a small business line of credit to finance your business, you should be aware of the fees, tax returns, conditions, and other factors associated with it. While a line of credit can be used for almost any business purpose, here are some of the usual uses:

  • covering staff payroll
  • covering unpaid invoices
  • buying urgent stock
  • managing seasonal fluctuations
  • paying suppliers
  • renting or purchasing equipment

How to be eligible for a small business line of credit

Applying for a Prospa Small Business Line of Credit is just a breeze. You can apply if you fulfil the following eligibility criteria:

  • You are a New Zealand citizen (or permanent resident).
  • You are over 18 years old and own a New Zealand business (with a valid NZBN/IRD).
  • Minimum trading history applies.

Why Prospa? Because we support small business.

No more compromising or missed opportunities with Prospa by your side.
This time tomorrow you could have access to funds for growth and cash flow support.
It’s just what we do. We’re New Zealand’s small business lending specialist.

Flexibility

Fast application and decision, and funding possible in 24 hours on flexible options up to $500,000.

Support

Talk to real people. Business Lending Specialists who are focused on getting you what you need, sooner.

Confidence

Thousands of small businesses
have borrowed from Prospa.
You could benefit too.

FAQs

FAQs

While both are viable financing options, the answer is dependent on your specific business needs and growth objectives.

A small business loan may be the best option if you need a lump sum of additional funds or to finance a long-term project. Business lines of credit, on the other hand, may be a good option if you need ongoing access to extra cash to cover unexpected costs such as hiring, marketing, or covering operating expenses during seasonal lulls.

Yes. Most sole proprietors would benefit from a line of credit because it is an effective way to manage day-to-day business expenses and cash flow. A line of credit can help you cover the cost of inventory, marketing campaigns, and other business needs. Because you can typically withdraw funds as you need them, up to your credit limit, this can provide you with flexibility and peace of mind, knowing that you have access to funds in case of an emergency.