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Prospa joins FAST lender panel

by Malavika Santhebennur4 minute read
Prospa

FAST has welcomed business lender Prospa to its lender panel, enabling broker members to offer the lender’s business finance products to their clients.

Aggregation group Finance & Systems Technology (FAST) has announced that Prospa has joined its panel.

The aggregator said the partnership would provide its 1,200 brokers with a range of products and services to support their small-business clients during this critical time of economic upheaval, as a result of the coronavirus pandemic.

This includes Prospa’s recently launched Back to Business loan and line of credit, which forms part of the federal government’s Coronavirus SME Guarantee Scheme.

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Under the scheme, Prospa is offering unsecured funding of up to $250,000 with no repayments for the first six months to assist small businesses impacted by COVID-19.

FAST brokers will also have access to a suite of partner education resources and marketing tools to help them understand key business trends, drive engagement and support their small-business customers.

Commenting on the partnership, FAST CEO Brendan Wright said: “We’re excited to add Prospa to the FAST lender panel and offer our brokers greater choice and more flexibility in small-business funding solutions.”

“Our brokers are entrepreneurial and very customer-focused, and we’re committed to continually innovating, helping them grow and future-proof their businesses by providing them with solutions to further enhance the service offering to their customers.”

Prospa’s head of partnerships, Alex Brgudac, also welcomed the partnership, adding it is an opportunity to support small businesses as they seek to recover from the economic impacts of COVID-19.

“As restrictions safely ease and Australia gets back to business, small-business owners will need swift access to working capital,” he said.

“FAST brokers have a vital role to play helping their customers understand the alternative funding solutions available, and we’re delighted they will have access to both our government-supported products and core business loan and line of credit.”

Prospa was added to PLAN Australia’s lender panel earlier this year, with brokers aggregating under PLAN Australia able to offer their clients Prospa’s business loans ranging from $5,000 to $300,000 and a revolving line of credit up to $100,000.

[Related: FAST joins BID preparation calls]

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Malavika Santhebennur

Malavika Santhebennur

AUTHOR

Malavika Santhebennur is a content specialist at Momentum Media, focusing on mortgages and finance writing.

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