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Prospa hits $3bn milestone

by James Mitchell10 minute read
Prospa hits $3bn milestone

Small-business lender Prospa has lent more than $3 billion to small businesses to date, a major milestone for the group.

The milestone comes after new research conducted by YouGov in August 2022 found seven out of 10 small businesses rated the health of their business as good or very good, despite challenging conditions anticipated to continue over the next 12 months.

The results revealed admirable resilience and determination from business owners who are navigating through the various challenges of inflation, labour constraints and rising interest rates.

The entrepreneurial vigour of business owners has helped many steer their business in the right direction, with survey results showing a reduction in concerns around unpredictable or unstable revenue from 34 per cent in April to 25 per cent in August 2022.

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The confidence gained is also inspiring one in four business owners to access funds to achieve their future business goals.

The trajectory of Prospa’s originations revealed the same trend, with the record-breaking financial year 2022 results announced in August, and July originations reaching $66 million, an increase of 58 per cent compared to the same period last year.

“It is a tremendous achievement to reach $3 billion in lending, a milestone that truly displays the support we’ve provided to thousands of small businesses over the past 10 years,” Beau Bertoli, chief revenue officer at Prospa, said.

“Our recent study clearly shows that demand for funds remains high amongst small businesses that are focused on sustaining growth.”

Mr Bertoli said the current environment is a great opportunity for brokers to be reaching out to small business clients to discuss their future plans and the range of flexible funding solutions available to them.

“For those who may be new to commercial lending, we have an award-winning team of business lending specialists committed to providing the tools and resources required to guide you through conversations with clients,” he said.

“It’s certainly an exciting time to support small businesses across Australia, who are displaying such positivity and resilience to grow and prosper.”

beau bertoli

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