How to get a business loan?

Simply complete our online form in as little as 10 minutes and get a decision within a business day – often just a few hours. For all applications, you’ll need:

• Your driver’s license.
• Your ABN.
• Your BSB and account number.
• Bank statements.

The amount you can borrow depends on several factors, including the financial health of your business, revenue projections and creditworthiness. Discover which of our products suit your business needs:

• Prospa Small Business Loan – Borrow from $5K to $500K.
• Prospa Business Loan Plus – Borrow from $500K to $1M.
• Prospa Business Line of Credit – Ongoing access to $2K to $500K.

For all Prospa funding:

• Business owners must be 18+ years.
• Business owners must be an Australian citizen or permanent residents.
• Completed digital application form, including credit consent.
• Director’s personal guarantee required for all loan types.

For a Small Business Loan up to $500K, you must also have:

• From 6 months trading history.
• Minimum monthly turnover of $6K.
• No upfront asset security <$150K.

For a Business Loan Plus from $500K up to $1M, you must also have:

• Minimum 3 years trading history.
• Annual turnover of at least $2M.
• Property or asset ownership.

For a Business Line of Credit up to $500K, you must also have:

• Minimum 2 years trading history.
• Minimum monthly turnover of $6K.
• Property or asset ownership for loans >$100K.

For amounts up to $100K we require:

• 6 to 12-month electronic bank statements.

For amounts up to $250K we require:

• 12-month electronic bank statements.
• 12-month ATO Tax Portal access.

For amounts above $250K we require:

• ATO Tax Portal access.
• Last 2 years of finalised company financial statements.
• Current financial year interim financial statements.
• Aged Payables and Aged Receivables summaries.

Use our loan repayment calculator to see how much you can afford to borrow.

To apply for a Business Line of Credit we require:

• 12 months bank statements.
• ATO Tax Portal access and financial statements may also be required.

We can often provide a response in as little as one hour – as long as you apply during standard business hours and allow us to use the advanced bank verification system link to instantly verify your bank information online.

If you choose to upload copies of your bank statements it may take a little longer.

Often, you can have the funds in your account in as little as 1 hour after settlement.

Prospa considers the health of a business to determine creditworthiness.

For Small Business Loans or Business Lines of Credit up to $150K, no asset security is required upfront to access. And provided you continue to meet your loan obligations (as detailed in your contract), asset security won’t be required.

For funding over $150K, or where your combined funding to our products exceeds $150K, property ownership required, and asset security may be required.

Loan repayments are due weekly. To help you avoid missing repayments we’ll automatically deducted your repayments from your nominated business account weekly.

You can also choose to make extra repayments at any time or pay out your loan early, in full. If you decide to do this please speak to our friendly business loan specialists on 1300 671 307

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Prospa has partnered with Qantas Business Rewards to allow eligible customers to earn Qantas Points with a Prospa Small Business Loan or Business Loan Plus.

You’ll earn 1 Qantas Point for every $1 funded, capped at 500,000 Qantas Points per loan.

Yes. If you’re not already a member, Prospa can register you automatically and waive the $89.50 joining fee.

Yes. Choosing to earn Qantas Points with a Prospa Small Business Loan or Business Loan Plus incurs a 1% increase to the origination fee.