How do business loans work

When it comes to business loan types, Prospa supports eligible customers with two products. A Small Business Loan which is ideal for one-off purchases or expenses and a Line of Credit which offers ongoing access to funds to cover working capital. You can use funds from Prospa for business purposes, which might include taking advantage of growth opportunities including purchasing new inventory or equipment, investing in a marketing campaign or renovating and updating your premises. You could even use Prospa funds to build or expand your business by adding a new product or service. With both business loan products, no asset security is required upfront to access up to $150K in Prospa funding.

When you apply for any of our business loan products, we will ask you questions such as what your business’ current financial obligations are, including any debt that you currently have. If you are already repaying another loan, the impact on your business credit report may depend on a range of factors. As a prudent lender, credit applications are thoroughly reviewed before we can offer business loan interest rates and loan features, such as daily or weekly repayments, that suit the health and financial situation of your business.

When you decide to go ahead with an application with Prospa, we recommend that you are as thorough about your business’ current financial circumstances as possible. This ensures that we can quickly (and more accurately) evaluate your business’ eligibility for funding and provide a decision. If approved, your information helps us come back to you with a loan offer based on the circumstances of your business. As part of the application process, we will ask questions that help us to assess whether your business would be able to repay the loan. We take pride in our customer service, and would love to continue to be an award winning market leader in Aussie online small business finance. That’s why we will work to support businesses to the best of our ability.

If you want to know how to get a business loan to kick-start your business idea, there are several options. There may be start-up cash loans available, various sources of crowd funding, and several different types of business grants from Government agencies and some private companies. There can be quite a lot of work involved in the planning stages like creating your business plan, registering for any appropriate permits and licences and ensuring that you have processes in place such as solid business accounting.

Prospa specialises in supporting existing Aussie small businesses to grow and succeed, with flexible and hassle-free application for business lending options including a business loan and a line of credit. If you want support to build, expand or update your business we may be able to help. As Australia’s #1 online lender to small business we are committed to supporting businesses with the funds they need to consolidate their growth and create long term stability.

To find out how to get a business loan from Prospa, you can check out our FAQs and discover more about our loan products here. If you have any questions, please get in contact with one of our business lending specialists. Our friendly team will help you understand what kind of loan options might be available, any applicable fees and charges and how we might be able to help your business apply for a small business loan that remains cash flow friendly with manageable repayment schedules.