Business Line of Credit For ongoing access to funds

The application process is quick and easy. Simply complete the online form in minutes and a dedicated business lending specialist will be in touch to guide you.

• For funding between $5K to $150K we can often provide a response in one hour – as long as you apply during standard business hours and allow us to use the advanced bank verification system link to instantly verify your bank information online. If you choose to upload copies of your bank statements we can provide a decision in as little as one business day.
• For funding between $150K to $500K we may take a little longer. Turnaround times are around 2–3 days for final approval, however this may be quicker depending on the circumstances of each application.

Often, you can have the funds in your account in as little as 1 hour after settlement.

We offer Business Loans or Line of Credit up to $500K, however the total amount of your loan will depend on the specific circumstances of your business.

We consider a variety of factors to determine the health of your business and based on this information we will make an assessment on how much you can borrow.

Use our loan calculator to discover much you could afford to borrow.

We understand that circumstances can change. That’s why we offer a 14-day Change of Mind Policy. If you decide you no longer want the funds, you can cancel your loan agreement and return the funds free of charge, as long as it’s within 14 days of your loan agreement date.

To take advantage of this policy, simply contact one of our lending specialists at 0800 005 797, and we’ll assist you with the process.

If it’s been more than 14 days since your loan agreement date, you still have the option to pay off your loan in full to minimise interest costs. However, please note that fees and charges will still apply. For assistance with a full payout, reach out to our lending specialists at 0800 005 797.

When you apply, we will assess the risk profile of your business and provide you with a customised offer including loan amount, term and interest rate.

• A Weekly Service Fee is charged from the date of settlement.
• Interest, but you only pay interest on the funds you have drawn down, and only until you repay those funds. Interest is charged at a fixed rate, calculated daily based on your drawn balance (i.e. the amount of your facility that has been drawn down and not repaid), and interest is charged weekly. The facility limit of your Business Line of Credit, and your interest rate, will be based on our assessment of your business.
• Every week we will attempt to Direct Debit your business account for the repayment amount owing that week, any unsuccessful attempt will attract a $25 Dishonour Fee, as well as a Late Payment Fee.

Once approved, you can continue to draw down funds as long as the facility remains in place, it hasn’t been suspended, you’re not in default, and you’re within your approved limit.

Every 2 years, we’ll check in to see whether your Business Line of Credit can continue. This involves reviewing your business’s eligibility to continue having access to the facility limit. If the eligibility criteria is met and the product is still available, it will automatically continue for a further period.

If you elect not to continue, or you’re not approved to continue, your access will be suspended at the end of the period and no further drawdowns can be made. If you are eligible, the total amount owing will be repaid over the Paydown Period of either 2 or 4 years, as set out in your contract.

We will set up an automatic repayment schedule with set weekly repayments. The weekly repayment will comprise interest and a portion of principal as well as any applicable fees, such as the weekly service fee.

So that you don’t need to worry about missing a payment, your weekly repayments will be automatically debited from your nominated business bank account.

You can choose to simply pay the set weekly repayments, or you can make additional payments at any time to reduce your drawn balance, thus reducing the amount of interest you pay. It’s up to you.

You can access and use your Prospa Line of Credit via the Prospa App or Prospa Online.

Once you have logged in, you will be able to view transactions, draw down funds to your nominated business bank account, directly pay invoices and suppliers and much more.

A Business Line of Credit can be used for almost any business purpose – including activities that help you confidently manage day-to-day cash flow fluctuations. For example, it could be used for paying staff wages, covering unpaid invoices, buying urgent stock, managing seasonal fluctuations, paying suppliers and much more.

You can apply for a Business Line of Credit if you:

• are a New Zealand Citizen (or permanent resident)
• are over 18 years, own a New Zealand business with a valid NZBN (NZBN not needed for sole trader applications)
• Minimum 2 years trading history