Enhanced loan features support growth and scalability for business owners
Small business lender Prospa is expanding its offerings with the launch of Bill Pay, along with new loan features designed to provide small business owners with essential tools for growth and scalability.
Bill Pay simplifies the previously manual process of managing outgoing payments, reducing administrative burdens.
Addressing stress and burnout among business owners
As 70% of small business owners report feeling stressed or burnt out, Adrienne Begbie (pictured above left), managing director of Prospa, highlighted the importance of automating tedious tasks.
“Being a small business owner in today’s economy is tough,” Begbie said. “Our customers often tell us that balancing business development with business administration is one of their biggest pain points.
“The introduction of Bill Pay will give business owners back some valuable time so they can focus their attention on the areas they’re most passionate about.”
Prospa’s role in New Zealand’s banking landscape
In the context of increasing scrutiny on the banking sector, particularly with the Commerce Commissions call for greater competition, Prospa is positioning itself as a key player in New Zealand’s digital economy and tech ecosystem.
Karishma Kumar (pictured above right), co-founder of Cognitiv and a long-time Prospa customer, said Prospa’s funding has been instrumental in the company’s growth.
“As a tech company, we appreciate the innovative tools that Prospa offers its customers,” Kumar said.
“The tech that Prospa uses allows us to manage our cashflow effectively, giving us the confidence to say yes to big projects. We were also able to invest in hiring talented people, and this was a pivotal moment for our business.”
Enhanced loan features for SMEs
Prospa has also introduced new features for business loans to further assist SMEs in achieving their goals.
This includes longer terms for larger loans to make weekly repayments more manageable and higher limits of up to $500,000 for the line of credit, helping business owners build cash flow confidence.
Additionally, businesses can make free unlimited extra repayments on loans to save on interest.
