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 businesses. We 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.
The Government is currently working through the details of this program and Prospa is well placed to participate once it is finalised.
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 second‑hand 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 Government’s Coronavirus 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.
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 period. Any 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 circumstances. To 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.
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.
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.