FAST adds Prospa to panel to support small business recovery

Leading aggregator FAST today announced it will add Prospa, Australia’s number one online lender to small business, to its lender panel.

The partnership provides FAST’s 1200 brokers with a wider range of products and services to support their small business clients during this critical time. Prospa’s cash flow products and services are designed specifically for small business, with an expedient and efficient funding assessment process developed using a proprietary technology credit decision engine.

Prospa is a participating lender in the Government’s Coronavirus SME Guarantee Scheme and FAST brokers will be able to refer eligible small business clients for the lender’s new funding products offered as part of the Scheme. The Back to Business Loan and Line of Credit offer unsecured funding up to $250,000 with no repayments for the first 6 months to help small businesses impacted by COVID-19 bounce back.

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

Brendan Wright, CEO, FAST 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 focussed, 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.”

Alex Brgudac, Head of Partnerships, Prospa said:
“We are thrilled to partner with FAST and together we can support small business on the road to recovery. As restrictions safely ease and Australia gets back to business, small business owners will need swift access to working capital. 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 CEO Greg Moshal and Chief Revenue Officer Beau Bertoli will be presenting at the FAST Digital Commercial and Asset Finance Summit ‘Businesses Backing Businesses’ on Tuesday 23 June 2020.

Steph Hansen
e: [email protected]

About FAST
FAST (Finance & Systems Technology) is one of the major wholesale aggregation groups in Australia. FAST fosters a culture of diversity and commercial acumen through broker businesses to lead innovation and shape the industry. FAST is committed to investing and delivering a high-value platform, best in market insights, professional development and access to diverse quality financial solutions and business support, enabling growth and success in new and existing markets.

About Prospa
Prospa is Australia’s #1 online lender to small business and provides cash flow products and services that allow small business to prosper. Prospa works with over 10,000 distribution partners, including Australia’s leading aggregators, associations, and trusted corporate brands. To date Prospa has originated over $1.5 billion in loans to more than 28,500 customers across Australia and New Zealand. Prospa has a history of industry leadership and innovation and is a founding member of the AFIA Code of Lending Practice. In 2018 and 2019 Prospa won the MFAA National Fintech Lender of the Year and achieved a clean sweep of the MFAA Excellence Awards in all five states.