Prospa is now open on Saturdays. Call our team between 10am & 4pm to discuss your loan.

COVID-19 Support

We continue to support Australian small businesses.

We’re here to help

Now more than ever we want to provide small business owners with the support they need. We are offering a range of financial support options to existing customers experiencing financial difficulty.

We also continue to responsibly lend to new and existing customers – with our new Back to Business Loan and Line of Credit supported by the Government’s SME Guarantee Scheme.

New customers

Fill in your details to register your interest in new funding supported by the Government’s Coronavirus SME Guarantee Scheme.

Existing customers

If you’re experiencing financial difficulty ask us about our financial support options. Fill in your details and we’ll get back to you as soon as possible.










For urgent enquiries about financial assistance call our Customer Solutions hotline on 02 8317 2185

For all other enquiries please call us on 1300 882 867 (Mon-Fri 8:30am-7pm AEST) or email us at [email protected]

Some helpful articles

8 strategies you could use to manage business cash flow during COVID-19

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The coronavirus crisis has put the squeeze on many small businesses with unprecedented speed. Here are some ways that might help protect your cash flow.

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An overview for small businesses of the government’s economic stimulus packages

25 March 2020 | 4 min read

The Federal Government has unveiled economic support measures to reduce the economic impact of coronavirus. We breakdown those aimed at small business.

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How small businesses are innovating in the face of COVID-19

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Few things breed business innovation like crises, and the COVID-19 disruption is no exception. Here’s how some Aussie small businesses are quickly transforming.

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Frequently Asked Questions – General

What is Prospa doing to help small businesses?

We recognise that many small businesses are currently facing cash flow pressures, and that things are changing on a constant basis. We continue to lend responsibly to small businessesWe are also committed to managing any customer hardship requests in an appropriate and supportive way. To have a conversation about what you need and what we can do to help, please leave your details in one of the forms above and a member of the team will be in touch. 

Are Prospa business loans and lines of credit covered by the Australian Federal Government’s Coronavirus SME Guarantee Scheme?

The Government is currently working through the details of this program and Prospa is well placed to participate once it is finalised 

Is my business eligible for the $150K instant asset write off?

The instant asset write-off threshold has been increased from $30,000 to $150,000. This means that eligible businesses can instantly deduct the cost (the business use portion) of eligible assets worth up to $150,000, rather than claim deductions over a number of years. This applies from 12 March 2020 until 30 June 2020, for new or secondhand assets first used or installed ready for use in this timeframe. For the most current and complete information, please refer to the Australian Federal Government Instant Asset Write off page.

What government assistance is available?

The Federal Government has introduced support packages to assist small and medium businesses impacted by COVID-19. For general information on the support available and eligibility criteria, refer to the Australian Federal Governments Coronavirus Business Support page.

What information and resources can Prospa provide me?

The Prospa Blog has a collection of articles, tips and stories to support small businesses through this time.

Are you open?

Prospa is open for business. During this time of uncertainty, we are continuing to support the small business community. We continue to accept applications from new and existing customers and to provide appropriate support based on an assessment of each applicant’s individual circumstances.

Existing Customers

What is the difference between a repayment deferral and a partial repayment?

A repayment deferral is like a repayment holiday, except interest accrues on your outstanding balance during the period of the deferral. You need to provide our team with some information about the hardship your business is experiencing, and once in place you do not need to make repayments during the agreed periodAny deferred repayments will be added to the end of the contract term. Our team will discuss the quickest and easiest way for you to achieve this, which may be to provide electronic access to your main business trading account. 

A partial repayment is where you continue to make repayments as per your repayment plan, but for a smaller amount than originally agreed. This allows you to continue to pay down the funds you owe, and manage the level of accruing interest. Amounts discounted will be added to the end of your contract term.

We are offering customised support for each business. Where possible, we encourage you to make partial repayments of even a small amount, so you and your business are in a better position when the agreed hardship period ends 

To have a conversation about your options, please fill in the ‘Existing Customers’ form above and a member of the team will be in touch. 

I’m worried about making my regular repayments for my Small Business Loan – what options are available to me?

We understand that every business is different and will need different levels of support during this time. Prospa has support and options available to existing Small Business Loan customers impacted by COVID-19, including deferred repayments and partial repayments. Please fill in the ‘Existing Customers’ form above, and a member of the team will be in touch as soon as possible to discuss which options may be available for your specific needs.

 

I’m worried about making my regular repayments for my Line of Credit – what options are available to me?

We understand that every business is different and will need different levels of support during this time. Prospa has support and options available to existing Line of Credit customers impacted by COVID-19, including deferred repayments. During the deferral period you will not need to make any repayments and your facility will be suspended for any further drawdowns or Pay Anyone transactions.  If you have any questions, please fill in the ‘Existing Customers’ form above and a member of the team will be in touch as soon as possible to discuss your specific needs.

How long can I defer my repayments for?

We are offering repayment deferral periods of varying lengths based on your individual circumstances. If you have any questions, please fill in the ‘Existing Customers’ form above and a member of the team will be in touch as soon as possible to discuss your specific needs. 

What happens to my repayments at the end of my deferral/partial repayment period?

If you are able to manage them, your repayments will go back to normal at the end of your assistance period. Amounts discounted or deferred, will be added to the end of your contract term.  

We will send you a communication before your repayments are due to restart. If you still need support at the end of your assistance period, you can contact our team to discuss further options.  

Will the interest rate on my current Prospa Small Business Loan be frozen if I defer my repayments?

 Your current rate won’t change. You will incur an interest adjustment for the period of deferral which will be added to your outstanding loan amount. Once you are able to start making repayments we will talk to you about whether your loan term should be re-structured.

Will the interest rate on my current Prospa Line of Credit be frozen if I defer my repayments?

Your current rate won’t change. You will accrue interest during any deferral period at your usual rate and this will be added to the total balance you need to repay. Please note that we will not add this interest component to your drawn balance so you will not be charged compounded interest during the remainder of your term. During the deferral period you will not need to make any repayments and your facility will be suspended for any further drawdowns or Pay Anyone transactions.

Are you charging late fees?

If you are experiencing trouble repaying your loan and are worried about incurring a late fee, please reach out to us to organise hardship support before you miss a repayment. That way we can ensure you won’t be charged a late fee. If you have already missed a repayment and incurred a late fee, please get in contact so that we can discuss support based on your individual circumstancesTo have a conversation, please leave your details in one of the forms above and a member of the team will be in touch. 

How can I contact Prospa if I’m an existing customer?

If you wish to speak to someone to discuss options around deferrals or partial repayments, please leave your details in the ‘Existing Customers’ form above and a member of the team will be in touch as soon as possible. For any urgent enquiries, call our team on 1300 882 867 in Australia or 0800 134 933 in New Zealand or email us at [email protected]

What evidence will I need to prove my business has been impacted by COVID-19?

Existing customers who are seeking financial assistance will be required to provide a statement of financial position and other supporting documents (such as bank statements). To discuss what financial support options are available to you, please leave your details in the existing customer form above and a member of the team will be in touch.

If I defer my repayments will it affect my credit rating?

Prospa is required to report your repayment history to credit bureaus. Any change to your loan structure or repayments may be recorded on your credit history.

I’m nervous about telling you I’m in trouble

Now more than ever we want to provide small business owners with the support they need.

If you are an existing customer and believe your business has been impacted by COVID-19 please reach out to us to organise financial support. Make sure you reach out before you miss a repayment, that way you may be able to avoid a late fee. To have a conversation, please leave your details in one of the forms above and a member of the team will be in touch.

New Customers

Can I still apply for funding from Prospa?

We continue to lend responsibly to small businesses and are committed to managing any customer requests in an appropriate and supportive way. Due to the uncertainty around the spread and duration of COVID-19, we are temporarily adjusting our lending policies and have made some interim changes to the industries we will support and the amount of funding we will extend. As always, we will conduct individual assessment of each applicant business and provide funding based on your individual circumstances. To speak to a Business Lending Specialist about funding options, please leave your details in the ‘New Customers’ form above and a member of the team will be in touch as soon as possible. 

I’d like funding from Prospa, does it matter what industry I am in?

Due to the uncertainty around the spread and duration of COVID-19, we are temporarily adjusting our lending policies and have made some interim changes to the industries we will support and the amount of funding we will extend. We are continuing to monitor and assess the situation. To discuss your specific circumstances please leave your details in the ‘New Customers’ form above and a member of the team will be in touch as soon as possible.

Frequently Asked Questions – General

We recognise that many small businesses are currently facing cash flow pressures, and that things are changing on a constant basis. We continue to lend responsibly to small businessesWe are also committed to managing any customer hardship requests in an appropriate and supportive way. To have a conversation about what you need and what we can do to help, please leave your details in one of the forms above and a member of the team will be in touch. 

Yes. You can access the Scheme through Prospa, as we have been selected to participate as a lender in the Scheme.

Prospa offers an easy application, fast decision and funding possible in 24 hours. If you need help please call us on 1300 882 867 to talk to one of our friendly staff – or register your interest in the Scheme by filling in your details in the form above.

Find out more about the Back to Business Loan and the Back to Business Line of Credit.

The instant asset write-off threshold has been increased from $30,000 to $150,000. This means that eligible businesses can instantly deduct the cost (the business use portion) of eligible assets worth up to $150,000, rather than claim deductions over a number of years. This applies from 12 March 2020 until 30 June 2020, for new or secondhand assets first used or installed ready for use in this timeframe. For the most current and complete information, please refer to the Australian Federal Government Instant Asset Write off page.

The Federal Government has introduced support packages to assist small and medium businesses impacted by COVID-19. For general information on the support available and eligibility criteria, refer to the Australian Federal GovernmentCoronavirus Business Support page.

The Prospa Blog has a collection of articles, tips and stories to support small businesses through this time.

Prospa is open for business. During this time of uncertainty, we are continuing to support the small business community. We continue to accept applications from new and existing customers and to provide appropriate support based on an assessment of each applicant’s individual circumstances.

Existing Customers

A repayment deferral is like a repayment holiday, except interest accrues on your outstanding balance during the period of the deferral. You need to provide our team with some information about the hardship your business is experiencing, and once in place you do not need to make repayments during the agreed periodAny deferred repayments will be added to the end of the contract term. Our team will discuss the quickest and easiest way for you to achieve this, which may be to provide electronic access to your main business trading account. 

A partial repayment is where you continue to make repayments as per your repayment plan, but for a smaller amount than originally agreed. This allows you to continue to pay down the funds you owe, and manage the level of accruing interest. Amounts discounted will be added to the end of your contract term.

We are offering customised support for each business. Where possible, we encourage you to make partial repayments of even a small amount, so you and your business are in a better position when the agreed hardship period ends 

To have a conversation about your options, please fill in the ‘Existing Customers’ form above and a member of the team will be in touch. 

We understand that every business is different and will need different levels of support during this time. Prospa has support and options available to existing Small Business Loan customers impacted by COVID-19, including deferred repayments and partial repayments. Please fill in the ‘Existing Customers’ form above, and a member of the team will be in touch as soon as possible to discuss which options may be available for your specific needs.

We understand that every business is different and will need different levels of support during this time. Prospa has support and options available to existing Line of Credit customers impacted by COVID-19, including deferred repayments. During the deferral period you will not need to make any repayments and your facility will be suspended for any further drawdowns or Pay Anyone transactions.  If you have any questions, please fill in the ‘Existing Customers’ form above and a member of the team will be in touch as soon as possible to discuss your specific needs.

We are offering repayment deferral periods of varying lengths based on your individual circumstances. If you have any questions, please fill in the ‘Existing Customers’ form above and a member of the team will be in touch as soon as possible to discuss your specific needs. 

If you are able to manage them, your repayments will go back to normal at the end of your assistance period. Amounts discounted or deferred, will be added to the end of your contract term.  

We will send you a communication before your repayments are due to restart. If you still need support at the end of your assistance period, you can contact our team to discuss further options. 

Your current rate won’t change. You will incur an interest adjustment for the period of deferral which will be added to your outstanding loan amount. Once you are able to start making repayments we will talk to you about whether your loan term should be re-structured.

Your current rate won’t change. You will accrue interest during any deferral period at your usual rate and this will be added to the total balance you need to repay. Please note that we will not add this interest component to your drawn balance so you will not be charged compounded interest during the remainder of your term. During the deferral period you will not need to make any repayments and your facility will be suspended for any further drawdowns or Pay Anyone transactions.

If you are experiencing trouble repaying your loan and are worried about incurring a late fee, please reach out to us to organise hardship support before you miss a repayment. That way we can ensure you won’t be charged a late fee. If you have already missed a repayment and incurred a late fee, please get in contact so that we can discuss support based on your individual circumstancesTo have a conversation, please leave your details in one of the forms above and a member of the team will be in touch. 

If you wish to speak to someone to discuss options around deferrals or partial repayments, please leave your details in the ‘Existing Customers’ form above and a member of the team will be in touch as soon as possible. For any urgent enquiries, call our team on 1300 882 867 in Australia or 0800 134 933 in New Zealand or email us at [email protected]

Existing customers who are seeking financial assistance will be required to provide a statement of financial position and other supporting documents (such as bank statements). To discuss what financial support options are available to you, please leave your details in the existing customer form above and a member of the team will be in touch.

Prospa is required to report your repayment history to credit bureaus. Any change to your loan structure or repayments may be recorded on your credit history.

Now more than ever we want to provide small business owners with the support they need.

If you are an existing customer and believe your business has been impacted by COVID-19 please reach out to us to organise financial support. Make sure you reach out before you miss a repayment, that way you may be able to avoid a late fee. To have a conversation, please leave your details in one of the forms above and a member of the team will be in touch.

New Customers

We continue to lend responsibly to small businesses and are committed to managing any customer requests in an appropriate and supportive way. Due to the uncertainty around the spread and duration of COVID-19, we are temporarily adjusting our lending policies and have made some interim changes to the industries we will support and the amount of funding we will extend. As always, we will conduct individual assessment of each applicant business and provide funding based on your individual circumstances.

Prospa has also been approved to participate in the Federal Government’s Coronavirus SME Guarantee Scheme and are ready to offer unsecured funding of up to $250,000 in accordance with the Scheme to eligible businesses with repayments deferred for the first six months.

To speak to a Business Lending Specialist about funding options and to register your interest in the Scheme, please complete the form at the top of this page. We will be in touch as soon as possible.

Due to the uncertainty around the spread and duration of COVID-19, we are temporarily adjusting our lending policies and have made some interim changes to the industries we will support and the amount of funding we will extend. We are continuing to monitor and assess the situation. To discuss your specific circumstances or if you’d like to register your interest for funding under the Coronavirus SME Guarantee Scheme with Prospa, fill in the form at the top of this page and a member of the team will be in touch as soon as possible.