How to apply for finance
A step-by-step guide to applying for a Prospa Small Business Loan and a Prospa Business Line of Credit.
At a glance
In this article you’ll find out how to:
- Choose the right type of financing for your small business with easy-to-understand products
- Get a fast decision with a simple application process
- Get help from a Prospa customer service representative when you need it
Applying for finance can seem like a daunting and time-consuming process, especially if you’re dealing with traditional lenders.
RFi research commissioned by Prospa* reveals that significant pain points for small business owners applying or looking to apply for finance via traditional lenders include:
- Adequate access to finance / lending options
- Access to innovative, market leading products and services
- A single or consistent point of contact
The quality of service provided by key contacts at the bank or lender
To address these obstacles, Prospa has made applying for a Prospa Small Business Loan or a Prospa Business Line of Credit a simple and speedy process that can be completed online or with the assistance of a Prospa team member. Prospa provides a dedicated account manager you can call on for advice when needed, giving you with the knowledge they’ll prioritise the continued success of your business.
Here’s a step-by-step walkthrough of the requirements and benefits of applying for Prospa funding options.
The paperwork required for a Small Business Loan or a Business Line of Credit is minimal but there are a few key documents and details you’ll need to have handy:
- Valid ABN or ACN
- Your business’s trading time
- Recent trading figures
- Bank account details
- Driver’s licence details
For a Small Business Loan, you’ll need a minimum monthly turnover of $6,000. For loan amounts over $150,000, the last two years of financial reporting might be required.
Deciding which product is best for your business
No one knows your business better than you do. But figuring out which type of financing can best help your business reach its goals can be a challenge.
Prospa offers two straightforward options to help you secure the capital that your small business needs.
- Small business loans are available from $5k to $150k – and no, you don’t have to put down your house or other assets as security.
- Prospa offers flexible repayment options to suit your cash flow needs.
- You can secure funding in as little as 24 hours after a 10-minute application process.
- Borrow between $2,000 and $150,000 with no upfront asset security requirements.
- Take advantage of a renewable 24-month term.
- Secure funding with a simple application process.
The application process
An application only takes around ten minutes to complete online:
Step 1: Go to either product page and click on the ‘Apply Now’ button.
Step 2: Provide basic information about your business, including the amount you want to borrow and the purpose of the loan or line of credit. There is a menu of options to choose from, such as buying or hiring equipment, paying suppliers or purchasing inventory.
Step 3: Upload the required documentation, which might include financial statements and identification.
Step 4: Review and submit your application.
Step 5: Wait for a response from Prospa, which typically takes no more than 24 hours and is sometimes received within just a few hours.
Step 6: If approved, sign the loan agreement and receive your funds in as little as 24 hours.
If at any point you need to speak with someone, you can call a Prospa customer service representative for assistance or guidance. You won’t have to go searching for a way to contact someone — just click on the ‘Talk to a specialist’ button on the Prospa website and a team member will reach out to you directly.
Small business success stories
“Prospa was the only [finance company] that gave me the confidence that the relationship was there and that they believed in our business,” she says.
He chose Prospa for the straightforward application process and the friendly customer service. “Having a personal account manager that took me through all the steps was terrific,” he says.
*RFi Australia SME Banking Council, September 2022
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