New offerings include an industry-first quoting tool
Small business lender Prospa has launched a series of new products and updates aimed at delivering faster and more flexible loans to small businesses.
Among the new offerings is Prospa IQ, a quoting tool that leverages the lender’s proprietary Credit Decision Engine to deliver accurate, personalised loan quotes instantly.
With Prospa IQ, which the non-bank says is an industry-first quoting tool, brokers can generate quotes on their mobile devices, access real-time data, and make faster lending decisions without impacting their clients’ credit scores.
The tool also automates document checks, such as bank statements, which helps streamline the application process for both brokers and their clients.
“Prospa has always prioritised technology to simplify lending for small businesses,” said Roberto Sanz (pictured above), general manager of sales and partnerships at Prospa. “Our new Prospa IQ quoting technology is the first of its kind in Australia, offering brokers instant pricing and decision-making capabilities to better serve their clients.”
In addition to Prospa IQ, the lender has introduced new partner-led client management features, allowing brokers to handle applications from start to finish.
This option was developed in response to partner feedback, as many brokers prefer to control the client journey directly rather than handing it over to Prospa’s lending specialists. For more complex applications, Prospa said brokers can still submit leads and receive support from its team.
The lender has also updated its Partner Portal to improve workflow efficiency. The portal now enables brokers to submit leads, track application status, monitor commissions, and access marketing resources. Key features include real-time updates on application progress and instant access to accurate quotes via Prospa IQ.
For established businesses generating between $1 million and $10 million in annual revenue, Prospa has expanded its lending options. Loans above $150,000 now come with the option for four- and five-year terms, allowing businesses more flexibility to manage cash flow.
The limit on Prospa’s Business Line of Credit has also increased from $150,000 to $500,000, providing greater access to funds for businesses facing cash flow challenges. Borrowers can make unlimited extra repayments to pay down their loans faster and reduce interest costs.
Prospa is also offering reduced pricing for loans of $250,000 or more, with terms up to five years, and a lower annual turnover requirement of $250,000 to qualify, which is below the threshold set by many other lenders.
In addition, the lender has launched an end-of-year promotion for partners, featuring a 1% commission boost on new customer deals settled before December 31.
The first 100 partners who close deals through Prospa IQ will earn an additional 1% commission, with the possibility of securing up to 6% commission on a single deal.
“With larger loans and extended terms, Prospa is committed to giving businesses the financial flexibility they need to thrive, especially in a challenging economic environment,” Sanz said.
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