“Businesses are now staging a recovery and looking to invest in their future”
Prospa Group has now delivered over $2 billion in lending to small businesses across Australia and New Zealand, and CEO Greg Moshal said that April was “a very strong month for originations.”
Total originations for the Group were $41.5 million for April 2021, a whopping 1,331% increase on its April 2020 figures, which came in at $8.5 million.
New Zealand was in an Alert Level 4 lockdown throughout the month of April last year, but Prospa said these latest figures show a strong recovery path for small businesses, and an increased push towards growth.
“We know that improving access to capital enables small businesses to grow and create jobs, and has had a positive and direct economic impact,” Moshal said.
Read more: Prospa receives support from government’s business finance scheme
“Small businesses across Australia and New Zealand are now staging a recovery and increasingly looking to invest in their future, and we’re proud to be a part of that as we celebrate this milestone.”
Commenting on Prospa’s business growth, New Zealand general manager Adrienne Church said that client confidence had been rising steadily over 2021, with many businesses looking for cash to fund their post-COVID growth opportunities.
She said that many clients have appreciated the swift access to capital that Prospa offers, particularly as the major banks draw their purse strings tighter.
“Businesses need cash, and they need it quickly,” Church said.
Read more: SMEs struggling to access funding
“They appreciate the speed that we offer, and the fact that they can talk to someone if they need to - I’ve tried speaking to my main bank recently, and I can’t even get ahold of anybody. So, when someone comes to us, we can process their applications really fast - and we’ve heard some great stories from our clients over the past few months about their growth, and some of the opportunities that have come their way.”
“Those clients can’t wait for the main banks to approve their loan applications and take weeks to do it, because then they’re going to miss out,” she added.
“People are more confident now compared to this time last year, and they are definitely looking to grow. Our business is really set up for that purpose, to help our clients achieve their growth goals, and we’ve had a really extraordinary response from the market.”
