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Small Businesses Look Set to Prospa through AFG (ASX:AFG)

Online lending for small businesses received a huge boost today with AFG and Prospa announcing an agreement to make Prospa’s small business loan available through AFG’s 2,300 strong broker network. AFG has added Prospa’s unsecured small business loan to their lending panel and will promote it to their brokers nationally.

Prospa will help educate the network on the unique circumstances facing small businesses and how cash flow lending delivers genuine opportunities for growth. Mark Hewitt, General Manager Sales and Operations at AFG said, “Right now the market is demanding faster, simpler ways of funding small-medium business and Prospa delivers just that. “We’re looking for growth in business lending.

With our listing on the ASX in May this year, we are in a strong position to build on the strengths of our core mortgage broking business and to expand our product offering. “AFG is very pleased to partner with Prospa to provide this opportunity to our brokers and their clients. Joint Prospa CEO Beau Bertoli is confident the biggest winner from the relationship will be small businesses in Australia.

“There are two million small businesses in Australia and they frequently find it difficult to access funding, as they are considered too risky. “Demand for cash flow loans has risen over the past five or six years. Big businesses are tightening up their working capital and are taking longer to pay the smaller ones. In just over two years we’ve loaned over $60 million to thousands of Australian small businesses and demand is escalating.

We’re not surprised other players in the finance industry are looking to capture this growth in small business lending. Prospa has been rapidly building its small business loan portfolio over the past few years and in recent months has experienced strong growth, highlighted this week with nomination as a Finalist for the Telstra Australian Business Awards 2015.

Prospa’s business drivers match those of AFG according to Mr McKeon. “We provide our brokers with industry leading technology, support and services to help them grow their business. We are confident Prospa can deliver that same value to AFG brokers and their small business clients across the country.

Read the full article in the Sydney Morning Herald.

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About Prospa

Prospa provides unsecured business loans to Australian small businesses and is Australian owned. We can approve loans for under $20k in less than 24 hours. Our smart technology and online application process provides a fast and easy way to access small business loans, and we’ve already helped thousands of Australian small businesses.

About AFG

AFG is Australia’s largest mortgage broking group. Established in 1994, AFG now provides more than 20% of brokers nationwide with access to Australia’s leading lending institutions, and has a loan book in excess of $100 billion.

 

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