Prospa achieves $3 billion in lending to small business and expecting further growth
ASX-listed fintech Prospa has today announced it has lent more than $3 billion in lending to small businesses to date, a major milestone that highlights the extensive growth of the company. The momentum built is expected to continue with borrowing intentions remaining high amongst small businesses.
New research conducted by YouGov in August 2022 found seven out of ten small businesses rated the health of their business as good or very good, despite challenging conditions anticipated to continue over the next 12 months. The results reveal admirable resilience and determination from business owners who are navigating through the various challenges of inflation, labour constraints and rising interest rates. The entrepreneurial vigour of business owners has helped many steer their business in the right direction, with survey results showing a reduction in concerns around unpredictable or unstable revenue from 34% in April to 25% in August 2022.
The confidence gained is also inspiring one in four business owners to access funds to achieve their future business goals. The trajectory of Prospa’s originations reveal the same trend, with record-breaking FY22 results announced in August, and July originations reaching $66 million, an increase of 58% compared to the same period last year.
Prospa’s momentum and YouGov research clearly shows positive sentiment amongst small business owners. It serves as a valuable opportunity for brokers and financial advisers to expand into commercial lending with alternative lenders, such as Prospa, who offer simple and fast access to funding solutions that allow small businesses to take opportunities that are often short-lived.
Beau Bertoli, Chief Revenue Officer at Prospa said, “It is a tremendous achievement to reach $3 billion in lending, a milestone that truly displays the support we’ve provided to thousands of small businesses over the past 10 years. Our recent study clearly shows that demand for funds remains high amongst small businesses that are focused on sustaining growth.
“The current environment is definitely a great opportunity for brokers to be reaching out to small business clients to discuss their future plans and the range of flexible funding solutions available to them. For those who may be new to commercial lending, we have an award-winning team of business lending specialists committed to providing the tools and resources required to guide you through conversations with clients. It’s certainly an exciting time to support small businesses across Australia, who are displaying such positivity and resilience to grow and prosper.”
