Research unveils what what SMEs are looking for come EOFY
At a glance
- Almost half (44%) of small business owners say they need more funds to achieve their business priorities for FY23
- Over one in five (22%) Kiwi small business owners have found advice and support from advisers to be very valuable
- Prospa encourages advisers to reach out to their small business clients as EOFY approaches, to offer support in planning for the year ahead
Prospa, New Zealand’s number one online lender to small business, is calling on advisers to reach out to their small business clients as we near the end-of-financial-year (EOFY).
Recent research, commissioned by Prospa, found 44% of small businesses require funds now to achieve their business priorities for FY23. This increases to 66% among businesses who had been running for less than two years, highlighting the opportunity for advisers to lend their support and expertise.
Prospa Managing Director, Adrienne Begbie says “It’s the perfect time for advisers to diversify into small business lending, as business owners look to balance their books for the EOFY and gear up for a fresh start come 1 April.
“It’s no secret that the last two years have been difficult for most small businesses, with the pandemic impacting trade, staffing and supply chains. It seems getting access to funding is a high priority for businesses looking to get back on track, making it a great opportunity for advisers to be assisting their small business clients.”
In fact, one in five (22%) small business owners found adviser support and advice to be one of the most valuable sources of external support.
“Having a trusted adviser can make a huge difference to business confidence, and now is the time to reach out and see how you can help,” says Begbie.
“To extend a helping hand to small business owners, advisers should consider reaching out to existing mortgage clients who are also small business owners to show your support.
“As banks further restrict their lending appetite, it’s important for small business owners to know that there are alternative lenders available within the market. We believe advisers are in the best position to educate them on their options with non-bank lenders and that provide funding products that suit their needs,” concludes Begbie.
For a limited time, Prospa is offering no repayments for the first eight weeks on approved business loans settled by 31 March 2022. This offer gives businesses the breathing space and flexibility to work through difficult market conditions and make necessary changes as they gear up for the EOFY and plan for FY23.
This survey was conducted online by One Picture between 27th January – 10th February 2022 amongst a sample of 525 small business owners in New Zealand with 1 to 50 employees.
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