How a business loan can support your small business
Are you a small business owner with some big business plans? Maybe you want to expand, increase production, or move to a bigger location – if so, it’s likely you’re visiting this page because you need the extra capital to boost your financial position so you can achieve those dreams. This page will help you understand the ins and outs of a business loan with Prospa.
As a small business owner, you probably know it hasn’t always been easy to get business finance to support your goals. At Prospa we support NZ small businesses and look at more than just what’s on the surface. We get to know you and your business so we can understand your goals and work out how we can help you achieve them with a tailored business finance solution.
Prospa Business Loans at a glance
Prospa offers fast turnaround loans of $5,000 to $300,000 with terms from 3 to 24 months and cash flow friendly repayments. Funds can be used for any business purpose, and no asset security is required upfront to access up to $100,000.
Fast application and decision with funding possible in 24 hours
Business lending specialists available Mon–Fri: 8:30am–7pm & Sat: 12–4pm
Help your business plan ahead
By taking out a business loan you don’t need to come up with a lump sum to invest in growth. As a business owner, you’ll love it because you can borrow the money and pay it off over time – which means it’s easier to plan ahead with regular repayments that work with your cash flow.
A business loan could be used to:
Purchase equipment or tools
Do a renovation or fit out
Upgrade equipment or machinery
Grow or expand your business
Do marketing or build a website
Support working capital
Help pay tax bills
Here’s how one customer used business finance to support growth
When Kurt Jacks wanted funds to upgrade and renovate his southern style ribs restaurant in Pakuranga, Auckland, he turned to Prospa. The Rib House owner soon realised a Prospa Small Business Loan was precisely what he needed to take his restaurant to the next level.
See Kurt’s story here.
Frequently asked questions about business loans
How to apply for a business loan?
To apply for a business loan with Prospa your business needs to have been trading for at least 6 months (or 3 months if you bought an existing business) and be able to demonstrate a turnover of at least $6,000 per month. When you apply for business finance with Prospa, you’ll need to have some identification details, like your driver licence number. Plus for your business loan application we’ll need some basic details about your business and your trading bank account details. If you apply for more than $150,000 you will need to supply some basic financial statements, like your profit & loss statement, balance sheet or cash flow forecast.
How do business loans work?
A business loan is a lump sum that you borrow for investing in your business or to fund working capital. Usually the amount is borrowed over a fixed term with set repayments. You’ll typically pay interest on the amount you borrow over the term of the loan. A business loan is a great way to move your business to the next level sooner, when you may not have the funds up front for an opportunity or to invest in business assets. There are different ways to access business finance – some businesses use credit cards to support their business, others choose from different business loan options including secured business loans, unsecured business loans, and equipment finance loans. You should decide which works best for you.
Is it hard to get a business loan?
Business finance can sometimes be tricky to get. At Prospa, we love helping NZ small business owners get ahead. So we make our business loan application process as straightforward as possible. We try to take all the hassle out of business lending so you can focus on what’s important, growing your business. We don’t need to see a business plan or what business assets you have. We take the time to get to know you and your business, and look at the health of your business to help us make a decision.