COVID-19 Support

 

During this time of uncertainty, we are continuing to support the small business community.

COVID-19 Support

During this time of uncertainty, we are continuing to support the small business community.

We’re here to help

Now more than ever we want to provide small business owners with the support they need. We continue to responsibly add new customers and re-finance existing ones.

We are also offering a range of financial support options to existing customers experiencing financial difficulty.

New customers

Leave your details below. We are experiencing higher than normal demand but we will be in touch as soon as we can.

Existing customers

For urgent enquiries around financial assistance call our Customer Solutions Team hotline on 0800 134 933

For all other enquiries please call us on 0800 005 797 (Mon-Fri 8:30am-7pm) or email us at [email protected]

6 strategies to manage cash flow during COVID-19

25 March 2020 | 6 min read

Many small businesses are seeing their cash flow get squeezed because of the coronavirus crisis. Here are 6 ways that might help you get some breathing space.

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Infographic: A small business guide to the NZ economic stimulus package

23 March 2020 | 1 min read

As the economic impact of COVID-19 reverberates globally, a stimulus package of subsidies and support schemes for small business has been launched.

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How to use the COVID-19 lockdown to prime your business for the future

23 April 2020 | 4 min read

Kiwi small businesses are showing resourcefulness amid the COVID-19 lockdown. Three owners reveal how they’re using this time to prime their business for recovery.

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Frequently Asked Questions – General

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.

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 New Zealand Government has announced a support package for businesses impacted by COVID-19. For general information on the support available and eligibility criteria, refer to the New Zealand Government’s Covid-19 Financial Support page

The Prospa Blog has a collection of articles, tips and stories to support small businesses through this time.

Existing Customers

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 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. We are currently offering customers who can pay the interest adjustment up front a 5% lower interest rate on the outstanding amount.

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 0800 134 933 in New Zealand or 1300 882 867 in Australia or 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.

New Customers

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.