Business funding solutions for SME Clients
Funding to help your clients make business happen
Whether it’s grabbing an opportunity or supporting cash flow, we have flexible funding solutions to support almost any business need.
And with Prospa’s fast decision and funding possible in hours, you can help your SME clients make business happen.
- Prospa Line of Credit up to $150K
- Prospa Small Business Loan up to $150K
- Prospa Plus Business Loan up to $500K
Prospa Business Line of Credit
Flexible, ongoing access to funds to help your clients confidently manage business cash flow fluctuations.
| Facility amount | $2K – $150K |
| Upfront security | No asset security required upfront to access up to $150K in Prospa funding |
| Decision time | Within 24 hours |
| Term | Renewable 24-month term |
| Repayment options | Weekly |
| Application requirements |
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| Minimum eligibility criteria |
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| Rates | Between 19.99% and 32.99% APR (annual percentage rate) depending on risk grade |
| Preliminary assessment/ Pre-approval available without credit check |
Not applicable |
| Fees |
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| Partner Commissions | See Commission Rates Schedule – Australia in the Partner Portal |
| Standard features |
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Prospa Small Business Loan
Quick access to a lump sum to cover one-off expenses or invest in your business.
| Loan amount | $5K – $150K |
| Upfront security | No asset security required upfront to access up to $150K in Prospa funding |
| Decision time | Within 24 hours |
| Term | 3 – 36 month term |
| Repayment options | Weekly |
| Application requirements |
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| Minimum eligibility criteria |
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| Rates | From 14.99% APR (annual percentage rate) equating to an estimated ASR (annual simple rate) of 7.99%, depending on risk grade |
| Preliminary assessment/ Pre-approval available without credit check |
Not applicable |
| Fees | Origination fee 3.5% |
| Partner Commissions | See Commission Rates Schedule – Australia in the Partner Portal |
| Early payout option available | Yes |
| Extra repayments option available | Yes |
Prospa Business Loan Plus
Larger loans for established businesses to invest in growth opportunities.
| Loan amount | Above $150K to $500K | ||
| Decision Time | 24 hours for up to $250K | ||
| 2 – 3 days for above $250K – $500K | |||
| Terms available | 12 – 36 months based on overall profile | ||
| Repayment options | Weekly | ||
| Upfront Asset Security |
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| Refinance | Available anytime (subject to credit review) | ||
| Early repayment option | Yes | ||
Minimum eligibility & application requirements |
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| Time trading | 7 years | 5 years | 3 years |
| Annual revenue | $4m | $2.5m | $1m |
| Bank account management | Excellent, no dishonours | Excellent, minimum dishonours | Excellent, minimum dishonours |
| Credit file history | Excellent, clear & long term credit file | Excellent, clear & long term credit file | Clear credit file |
| Asset Backing | Asset backed with equity | Asset backed with equity | Asset backed |
| Industry | All accepted other than excluded industries | ||
| Net income | Positive for most recent year. Applicable only for applications >$250K | ||
| Liquidity | Well managed Accounts Receivables and Accounts Payable ledgers. Applicable only for applications >$250K | ||
| ATO status | Up to date | ||
| Application info required | $150K – $250K: Application details including credit consent, 12 months bank statements, ATO portal.
$250K – $500K: Application details including credit consent, 12 months bank statements, ATO portal, last 2 years finalised company financials, plus interim current FY financials, Aged Payables and Aged Receivables summaries |
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Pricing1 & fees |
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| Rates on a 12-month term | From 15.34% APR equating to an estimated ASR of 7.99%, depending on risk grade | From 19.07% equating to an estimated ASR of 9.99%, depending on risk grade | From 22.75% equating to an estimated ASR of 11.99%, depending on risk grade |
| Application fee | $0 | ||
| Origination fee | 3% on disbursed amount | ||
Commissions |
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| Commissions2 | See Commission Rates Schedule – Australia in the Partner Portal | ||
| Special Note | If a customer does not meet the criteria as described or any information provided or collected falls outside of policy, Prospa at their full discretion can still approve the loan and add up to a 3% simple annualised interest rate premium | ||
Customers making it happen with a Prospa loan
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Choose your involvement
Work with us direct or refer your clients to us for personalised service – either way we will keep you up to date at every stage.
Choice for SME clients
Loans to $500K or a Business Line of Credit to $150K with funding possible in hours. No asset security required upfront to access up to $150K.
Attractive commissions
Earn an ongoing revenue stream from a single referral with great commission rates for new
and repeat deals.
Support
Talk to real people. We have a wide distribution of BDMs across the country to support you and your clients.
Education & tools
Access tools and marketing resources to help you win new clients and find opportunities in your database.
Partner Portal
Everything you need in one place. Enter and track leads, view commissions and see status updates in real time.
1 Prospa uses a risk-based pricing model to determine applicable rates using factors such as industry, time in trade, cash flow and creditworthiness. The lowest rate is only available to applicants with the strongest cash flows, business experience and credit ratings.
2 Lead Management Policy and Commission Matrix applies, see Partner Portal.
Disclaimer: This is a general guide only and does not constitute an offer or credit approval. Gradings may differ after customer information is provided and credit assessment. Prospa may seek additional information from customer at its discretion. Information is accurate as at 3 November 2022 and subject to change without notice (including pricing). Eligibility and approval is subject to standard credit assessment and not all amounts, term lengths or rates will be available to all applicants. Fees, terms and conditions apply.
