MyDeal partners with Prospa on new business loans service

Online retail marketplace MyDeal.com.au has launched a business loans service in partnership with fintech lender Prospa, offering unsecured loans which it claims will accelerate the growth of retailers.

According to MyDeal Marketplace, retailers who list their products through it can now apply for a business loan of up to $250,000 directly through their supplier management system and “in many cases receive the funding in under 24 hours”.

MyDeal.com.au chief executive Sean Senvirtne says MyDeal Marketplace loans are designed to assist with a variety of common scenarios which small businesses face including expansion costs and the need to access rapid funding to secure an opportunity.

Senvirtne says the decision to diversify into fintech has emerged from research conducted by MyDeal in its six years of operation as a marketplace, which highlighted inventory control acquisition to be a common barrier to growth for many Australia SME retailers.

According to Senvirtne, the loan specifically aims to combat the issue of inventory selling out when demand is at a high, and effectively increase the potential for its retailers to maximise their sales during peak sales periods.

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Source: iTWire – MyDeal partners with Prospa on new business loans service