How The Coffee Club was able to prosper over the holiday period
He launched the Stud Park Coffee Club with a $40,000 loan from Australia’s #1 online small business lender Prospa, and recently borrowed another $24,000 to help him maximise opportunities through the busy holiday period.
“Getting fast and easy access to funding, right when I needed it has enabled me to maintain staffing levels and increase my inventory to cater for the busy periods over Christmas and New Year,” says Mark. “It has been a horror year for retail in Australia, and it has been important for us to keep all our staff and all our shifts – that’s an important part of being a good employer.”
Prospa is an Australian online lender that specialises in funding small businesses. Founded in 2011, it uses a proprietary technology platform it has developed itself to analyse over 400 data points about a prospective business, based on factors like cash flow and business growth.
Small businesses can apply online for loans up to $300,000 using the online application form, get a fast response and in many cases receive the funding in under 24 hours.
Mark says that dealing with Prospa has been a breath of fresh air. “I’ve been 28 years in food retailing, and it’s go-go-go all the time. I have dealt with banks and finance companies, and I have dealt with Prospa. The big difference is how much easier they are to deal with. They follow up – I found that with banks I could never get an answer and I was always dealing with different people.
“Banks change business managers all the time and I felt like I had to tell my story over and over again. Prospa assigns a case manager, and even if that person changes they have all the details and they are convenient to deal with. It’s fantastic.
“You have busy periods and you have quiet periods, and you often need access to finance to even it all out. Whether it’s school holidays, Easter, Christmas, they always seem to understand where you are.”
Mark started using Prospa when he heard of them through a fellow franchisee. “I did some research late at night after the kids had gone to bed, and found that they had helped a lot of small businesses just like mine. I got in touch, and haven’t looked back.”
Prospa has now made over $100 million in loans to Australian small businesses. It has a led a revolution in business lending in Australia, using online technology to disrupt the traditional lending market. Mark believes the new model is here to stay. “It is based on technology, but like everything is business it is ultimately about relationships,” he says. “Prospa understands my business, and they are very easy to deal with. I know that if I have a problem, they will work with me to solve it.
“That’s a refreshing change.”
If you need financial flexibility to overcome cash flow issues or help your business grow, talk to one of our experienced small business lending specialists on 1300 882 867 or find out more.
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