Bank loan for business
Could Prospa offer the right small business loan for your business?
When you apply for a small business loan online with Prospa, our automated system will check your eligibility in real-time. If approved, the funds can be deposited into your nominated bank account as soon as the next business day.
Australia’s #1 online lender to small business
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What Aussie small to medium businesses are investing in
If you are looking for stories, articles, tips, and tools designed to keep your small business moving, head to the Prospa blog for more inspiration.
Loans for business made easy
Prospa Small Business Loan
- Quick access to $5K–$150K with a decision in 24 hours
- No asset security required upfront to access Prospa funding up to $150k
- Term up to 36 months
- Minimum 6 months trading and $6K monthly turnover to apply
Prospa Plus Business Loan
- Access to larger loans of $150K–$500K
- Upfront asset security required
- Term up to 36 months
- Minimum 3 years trading and $1M monthly turnover to apply
- Dedicated business lending specialist
Another alternative to a bank loan for business is a line of credit. Prospa offers a line of credit with limits up to $150,000. It’s another great way to support your day-to-day business cash flow. Find out more here. [Link to prospa.com/line-of-credit]
What business funding could do for your business
- expand your business
- purchase extra inventory
- boost your marketing strategy
- do some renovations
- improve your business cash flow.
As an alternative to a bank loan for business, a Prospa small business loan can also be used for a wide range of business purposes.
Whether you need $5,000 for a new photocopier and printer or $500,000 for some major office renovations, Prospa has you covered. Having access to competitive business funding when you need it can not only help you weather anything that comes your way but investing in your business can really make it thrive.
Is your business eligible for a Prospa loan?
- be over 18 years of age;
- be an Australian citizen or permanent resident; and
- own an Australian business with a valid ABN/ACN.
To apply for a loan between $5K and $150K, you’ll also need minimum $6K monthly turnover and minimum trading history applies. To apply for larger loans of $150K–$500K, you’ll need a minimum $1M annual turnover, 3 years trading, and upfront asset security.
Talk to Australia’s #1 online lender to small business
We’re Australia’s #1 online lender to small business.
When you apply for a bank loan for your business, the documents will vary depending on the lender you are looking to get your loan from. To apply for funds to act as a business loan from Prospa, you need to be:
- over 18 years old;
- an Australian citizen or permanent resident; and
- an Australian business owner with a valid ABN/ACN.
If you are applying for a Prospa Small Business Loan up to $150K, you’ll need to have a monthly turnover of more than $6K and demonstrate minimum trading history applies. When you apply for our Prospa Plus Business Loan up to $500K, you’ll need to demonstrate 3 years of trading and have a minimum of $1M turnover.
All financial institutions are different and have varying terms and conditions. At Prospa, we currently offer business loans from $5K up to $500K. Every business is unique, so when determining the exact amount of money you can borrow, we’ll look at a variety of factors. We’ll then use this information to assess the financial health of your business and come up with a funding recommendation. If you’re not sure what your repayments might look like for a particular loan amount, we have developed a handy business loan repayment calculator to help you.
Many SME owners think applying for a bank loan for their business will be a complicated and time-consuming process (possibly taking weeks to complete). As an online lender, the application process with Prospa is much quicker. To apply for a Prospa business loan, you’ll need to provide basic details about your business such as your monthly sales and trading time as well as a valid ABN/ACN. The whole process can be done online or over the phone in just 10 minutes, and if you apply for business loan today, you could even have the funds in your account this time tomorrow.