Prospa can help small businesses like yours
Business loan requirements can often be complicated and tiresome. Business lenders like Prospa can help by making the application process easy and offering fast decision-making with funding possible in 24 hours.
A Prospa Small Business Loan enabled Karinya Diesel Services (KDS) to level up their business in rural Queensland, growing by 60% over 12 months. KDS is an innovative automotive repair business founded in 2015 run by Kim and Frank Malone, a husband and wife team. After experiencing steady growth, Kim and Frank were ready to grow and make their dreams a reality. They needed to cover inventory costs, hire additional staff, and ensure cash flow issues wouldn’t hold them back.
Unable to secure funding from traditional banks because they were seen as earning too little income, they turned to Prospa.
Prospa’s simple business loans requirements enabled Kim and Frank to access the funding they needed to bring their vision to life, and they’ve never looked back. Feeling financially secure has empowered the KDS team to go from strength to strength in their small business journey.
Key features of Prospa’s small business loans
Prospa’s small business loans come with the loan features small businesses are looking for:
- Easy application process with funding possible in 24 hours
- Borrow a lump sum between $5,000 and $300,000
- No upfront asset security required to access up to $150,000 of Prospa funding
- Business loan interest rates based on your business circumstances
- Fixed loan terms between 3 and 36 months
- Fixed daily or weekly repayments
Apply online now or check out our business loan calculator.
How to use your business loan
Whether you hit an unexpected obstacle or you want to scale, an SME business loan can help you borrow money when you need it most.
Consider applying for a small business loan if you want to do the following:
- Scale your business
- Invest in inventory upfront
- Purchase or upgrade machinery and equipment
- Manage cash flow between invoicing
- Pay staff and suppliers
- Upgrade your digital infrastructure
- Remodel or renovate your premises
- Invest in marketing and communications
With a small business loan, you can ride out any situations that arise and respond to great opportunities with the peace of mind that you have funds if, and when, you need them.
Are you eligible for Prospa’s small business loan?
To apply, you need to meet our eligibility criteria for business loan requests:
✓ Are you an Australian citizen or permanent resident?
✓ Are you over the age of 18 years?
✓ Do you own an Australian business with a valid ABN/ACN?
✓ Can you demonstrate 6 months of trading for a new business (or 3 months if purchasing an existing business) with a minimum monthly turnover of $5,000?
If you have any questions at any stage, don’t hesitate to connect with our team. Our simple business loan requirements are all we need to complete an initial review of your request for business financing.