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How to apply for finance

A step-by-step guide to applying for a Prospa Small Business Loan and Business Line of Credit.

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.

Required documentation

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 Loan

    • 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.

Business Line of Credit

      • 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

Smokin Hot n Saucy

“I had talked to our bank who said they couldn’t help us… Then I saw Prospa offered funding within 24 hours. When I called, it was so easy – within minutes they said they could help us. When you go to the bank, it takes weeks, or months.” – Randi Thraves, Smokin Hot ‘N Saucy Barbecue
Randi Thraves secured fast financing with Prospa when the bank her business had been with for 12 years didn’t step up to help. A Prospa Small Business Loan meant she could keep her business running through the challenges of the pandemic, expand into new premises and develop her retail offering.

“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.

Urban Jungle Studios

“I chose the line of credit over a small business loan because it allows me to expand the business in the future. The flexibility of the facility was an important factor.” – Dean Taylor, Urban Jungle Studios
A Business Line of Credit helped Dean Taylor avoid dipping into cash flow for the funds he needed to renew a lease for his business and provided flexibility for him to explore other business development opportunities.

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

Looking for flexible financing options? Consider a Prospa Small Business Loan or a Prospa Business Line of Credit. Apply online or speak with one of our friendly team today.

The information in this post is provided for general information only and does not take into account your personal situation. Nothing contained in this post constitutes advice or an endorsement or recommendation of any kind by Prospa. Any links to third party websites are strictly for informational purposes only. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from financial, legal and taxation advisors. Although every effort has been made to verify the accuracy of the information as at the date of publication, Prospa, its officers, employees and agents disclaim all liability (except for any liability which by law cannot be excluded), for any error, inaccuracy, or omission from the information for any reason, including due to the passage of time, or any loss or damage suffered by any person directly or indirectly through relying on this information.