Business Loan Plus For big plans

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.

We charge a small establishment fee of 3.5-4%. Provided you continue to meet your loan obligations (as detailed in your contract) this will be the only Prospa fee you will pay.

For funding over $150K, a registration fee may apply if we register a caveat or mortgage over real property you own.

You can choose to repay the entire amount of your loan early at any time.

If you decide to do this please speak to our friendly business loan specialists on 0800 005 797. They will provide you with repayment details and an early payout figure. This will be calculated as the total of the remaining principal amount and any accrued interest at the date of early payout, plus 1.5% of the remaining principal and any outstanding fees.

To help you avoid missing repayments and to fit in with your cash flow cycle we offer weekly repayments. These are automatically deducted from your nominated business account.

The Business Loan Plus is a larger loan size to support business growth opportunities. Loans are between $150K and $500K over a fixed term up to 5 years.

Repayments are weekly.

Yes, a small Origination fee of 3.5-4% will apply.

To qualify for a loan of this size, your business needs to have been trading for at least 3 years with an annual turnover of $700K. You must be a New Zealand Citizen (or Permanent Resident) over 18 years, own a New Zealand business (with a valid NZBN/IRD) and be able to demonstrate at least 12 months of trading.

A Business Loan Plus can be used for almost any business purpose including business renovations, to purchase inventory or new equipment, as general working capital and much more. The loan cannot be used for personal purposes.

Upfront asset security is required to access Prospa funding over $150K.This means the borrower and guarantors provide a security interest over their assets — including personal property and real property. The security may be registered on the Personal Property Securities Register (PPSR), and Prospa may also register a caveat or mortgage over real property owned by you or a guarantor.

A personal or director’s guarantee is a promise to repay credit that is general in nature rather than specifying security over a particular asset. The person signing the guarantee is personally liable if the business borrower is unable to re-pay the debt.

The Personal Property Securities Register (PPSR) is a central, national online register operated by the New Zealand Government. It reflects security interests registered in respect of personal property (including goods or assets). The PPSR allows priority over personal property to be assigned according to the date a security interest is registered.

A caveat is a legal document lodged to provide notice of a legal claim to a property.