with no repayments on business loans for the first 6 months

  • Funding options up to $250,000
  • No asset security required
  • Fast decision and funding possible in 24 hours

Get started

We use real-time business data to get you qualified in minutes. There's no obligation to proceed.

Thank you for your interest in Prospa.


In order to speed up your enquiry, please choose one of the following:

Provide more details

When is the best time to call you (in your local timezone)?

Thanks, we've captured this.

We will contact you as soon as possible.

Thanks, we've captured this.

We will attempt to contact you during the time specified.

Talk to Australia’s #1 online lender to small business

To support the small business community through this challenging period, we are offering Back to Business funding options supported by the Government’s Coronavirus SME Guarantee Scheme, between now and 30 September 2020.

Card image cap

Back to Business Loan

A lump sum of up to $250,000 to cover one-off cash flow needs.

  • No repayments for the first 6 months
  • Loan term of up to 24 months
  • No fees payable for the first 6 months
  • No asset security required
  • Prospa is supported by the Government's Coronavirus SME Guarantee Scheme

Things you should know

Learn more
Card image cap

Back to Business Line of Credit

Ongoing access to funds up to $250,000 to manage day-to-day cash flow.

  • No repayments for the first 6 months
  • Revolving line over up to 24 months
  • No fees payable for the first 6 months
  • No asset security required
  • Prospa is supported by the Government's Coronavirus SME Guarantee Scheme

Things you should know

Learn more

Is my business eligible?

If you would like to apply for funding under the Government’s Coronavirus SME Guarantee Scheme, your business must meet the following eligibility criteria.

  • Small businesses with annual turnover of less than $50 million
  • The business must be registered and operating in Australia under a valid ABN
  • Funding must be used for business purposes only
  • Funding must be used to support current and upcoming cash flow needs (including working capital, liquidity and operating expenditure)
  • Funding cannot be used to refinance existing finance with Prospa or any other lender
  • The total sum of your funding supported by the Government’s SME Guarantee Scheme (including funding from other financial institutions) must not exceed $250,000

Prospa continues to responsibly lend to new and existing customers. If you’re applying for a Prospa Back to Business Loan, you’ll need to demonstrate monthly turnover figures and that you have been trading for at least 12 months. You also need an active ABN, your business bank account details and drivers licence details. We may also need to see business financials for larger loan amounts.

Get started

Leave your details below and one of our Business Lending Specialists will get in touch to help you find a solution that matches your needs.

Why Prospa?

We’ve helped more than 28,500 small businesses with funds to seize opportunities or to support cash flow. We continue to fund eligible small businesses with a range of options.

Card image cap

Choice

Get a fast decision on a Small Business Loan or Line of Credit up to $250,000 with funding possible in 24 hours.

Card image cap

Support

Have a chat to our Business Lending Specialists – they’ll help you find a solution that could suit your cash flow needs.

Card image cap

Confidence

While lending criteria may be stricter due to COVID-19, we continue to support eligible small businesses with a range of funding options.

“Prospa has been really good for me. They’ve kept me in business, as opposed to maybe finding it too hard and deciding I was going to give it up or sell.”

Julie Wallace
Verdaflore, NSW

Watch Video

Ready to apply?

 

Schedule a call back, or call one of our friendly Business Lending Specialists today on 1300 882 867. We’re here to support the small business community.

Get in contact

THINGS YOU SHOULD KNOW

Eligibility and approval is subject to the Government’s Coronavirus SME Guarantee Scheme eligibility criteria and standard credit assessment. Not all amounts, term lengths or rates will be available to all applicants. Fees, terms and conditions apply.

6 month no repayment period – Back to Business Loan. There will be an initial 6 month no repayment period during which interest will accrue but no repayments will be required. At the end of the 6 month grace period, regular fixed daily or weekly repayments will commence comprising of principal and interest. For the first 26 weeks after the 6 month no repayment period, each daily or weekly repayment will also comprise an instalment of the accrued interest and the 2% Service Fee that accrued during the grace period.

6 month no repayment period – Back to Business Line of Credit. There will be an initial 6 month no repayment period during which interest will accrue but no repayments will be required. At the end of the 6 month grace period, regular weekly repayments will commence comprising of principal and interest on amounts drawn under the facility. For the first 26 weeks after the 6 month no repayment period, each weekly repayment will also comprise an instalment of the accrued interest and monthly service fees that accrued during the grace period. After the end of the grace period, the regular monthly service fee will also be payable in arrears each month over the remaining term. At the end of your loan term you will have the option to repay the outstanding balance in one lump sum or roll the outstanding amount into an amortising term loan to be paid down over a further 50 week period.

Fees - No fees will be payable in the first 6 month no repayment period. The following fees will become payable after the end of the first 6 months:

Back to Business Loan: 2% Service Fee on the loan amount, which will be capitalised and become payable in instalments over the first 26 weeks following the end of the grace period.

Back to Business Line of Credit: $35 Monthly Service Fee applies over the entire term, which will accrue during the first 6 months. The accrued monthly service fees will become payable in weekly instalments over the first 26 weeks after the end of the grace period, along with the regular monthly service fee which will be payable in arrears each month over the remaining term.

Security: No asset security is required upfront to access the funds. Personal guarantees will be required.

Funding Limits: The total sum of your funding supported by the Government’s SME Guarantee Scheme (including funding from other financial institutions) must not exceed $250,000.