Small to medium business owners can take advantage of loans for business to help expand their operations and increase revenue. If you want fast decision making , you can rely on Prospa to help find the best loan for your needs.
Why are loans for business important for small businesses?
Small business owners generally have limited capital to invest in their business. Loans for business enable investment into the business without having to use personal funds or credit cards. In addition, they can use the loan to expand their business, acquire inventory, and increase cash flow.
If you want to apply for a business loan, then Prospa will make it easier than ever with a smooth application process and quick turn around on decisions.
Australia’s top online lender for small businesses
Prospa offers loans for business with flexible repayment terms and interest rates based on your business circumstances, giving Australian companies access to funds that can be used for many different purposes like working capital, business expansion, renovations and product development.
In addition to flexible repayment terms, we also offer a quick and easy application process with funding possible in 24 hours. If you apply for a corporate loan before 4:00 p.m. on a business day and are approved immediately, funding is possible in 24 hours.
Thanks to our hassle-free online application, you’ll get a quick decision which means you’re less likely to lose out on any opportunity amidst this fierce and fast-paced market competition.
Prospa is your partner in progress
Prospa has partnered with thousands of small businesses in Australia by offering loans for business. One business that has benefited is Queensland’s Karinya Diesel Service, an automotive repair business owned by husband and wife duo, Kim and Frank Malone. When they needed additional funding to hire more staff, boost their inventory, and smooth out cash flow, they had trouble finding funding.
When they turned to the internet to find other options, they came across Prospa. With Prospa’s simple online application process, they were able to access funds that helped grow their business and make large purchases.
Be inspired by their story here.
Loans for business features
We offer flexible business loans to cover a wide range of expenses at Prospa. From one-time purchases and unexpected operating expenses to payroll, rent and renovation. Take a look at the features of our loans for business:
- A lump sum between $5,000 and $500,000
- No asset security required upfront to access Prospa funding up to $150,000
- Fixed loan term from 3 to 36 months
- Flexible daily or weekly repayments
- Funding possible in 24 hours
- Interest rates based on your business circumstances
How to use loans for business
Loans for business can be used for any business-related purposes. Small businesses we work with have used their loans to:
- Buy new equipment and upgrade old machinery
- Grow or expand their business by adding a new product or service
- Upgrade their IT infrastructure
- Renovate their office or retail store
- Run monthly ad campaigns to boost business
- Build their website or give it a facelift
- Add new touches to their property
- Employ casual staff during peak periods
- Buy stock in bulk to save money
Criteria for eligibility
To be eligible to apply for Prospa’s loans for business, you must fulfil the following requirements:
- be an Australian citizen or a permanent resident
- be over 18 years of age
- own an Australian business with a valid ABN/ACN
- minimum trading history applies
Talk to Australia’s #1 online lender to small business
No more compromising or missed opportunities with Prospa by your side. With hassle-free application, this time tomorrow you could have access to funds for growth and cash flow support. It’s just what we do.
We’re Australia’s #1 online lender to small business.
Flexibility
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FAQs
FAQs
We are Australia’s #1 online lender to small business and we can help. Our dedicated customer support team will understand your business and find a finance solution to suit your needs. We work with Australian small business owners from NSW to QLD, Victoria to WA and everywhere in between.
Unlike traditional lenders, we don’t require the usual pages of reports, financial statements and business plans when you apply. Instead, we offer a quick online application with a fast decision and funding possible in 24 hours. Minimum trading history applies, your ABN and a drivers licence to get started.
If you’re concerned about being baffled by banking jargon, we’ve simplified our loan application process so there’s no more complex terminology around cash flow, low interest loans, fixed rate loans versus variable rates, the loan term, terms and conditions and whether you are in a position to refinance in the future. It’s simple and easy to understand.
With Prospa, you’ll have a clear understanding of what’s expected, how much your weekly repayments will be and when they’ll be due.
Call 1300 882 867 to get started on your business loan application today.
For funding up to $150K you will need 6 months bank statements. And instead of having to submit pages of bank statements, you can connect to your bank account so we can instant assessment your financials.
For funding over $150K we’ll require additional financials like a P&L statement, as well as your ATO portal.
Use our loan calculator to see how much you can afford to borrow.
Awards, thanks to your support
It's nice to know we're doing something right
| Year | Award | Category |
|---|---|---|
| 2024 | The Adviser Magazine's Product of Choice: Non-Banks Survey | Winner, Best short-term loan |
| 2024 | FINNIES Fintech Australia Awards | Finalist, Excellence in Business Lending |
| 2024 | The Adviser Magazine's Product of Choice: Non-Banks Survey | Winner, Best SME loans less than $250K |
| 2024 | Great Place to Work | Recognised as one of the Top 10 Best Workplaces in Technology |
| 2024 | Work180 | Recognised by WORK180 as one of Australia’s top 101 workplaces for women |
