Small Business Funding
How to find the right funding for your small business
We are small business funding specialists
It always pays to do your research first, no matter what kind of funding you’re looking for. Check out what Prospa’s thousands of customers think and check some of our online reviews today. A survey conducted in 2019 revealed that 82% of our small business clients report that the funding they received from Prospa directly contributed to an increase in profits, while 62% of our clients said they would come back again to us if they needed small business funding in the future. It is statistics like these that demonstrate why Prospa is the #1 online lender to small business.
What could a fresh injection of funds do for your business?
The world of small business in Australia is highly competitive so it can be important to ensure that you always have the upper hand, and you can help to do this in many ways like keeping your premises fresh and your equipment at the cutting edge. Rejuvenating the look of your business by updating your brand and marketing material, including your business website, could also help you reach new and broader markets. Plus it can show your existing customers that you’re moving with the times and help remind them if you are providing the most relevant or value-for-money goods and services.
At Prospa, our small business loan offers a lump sum over a fixed term with set repayments for funding amounts of between $5,000 and $300,000. Loan terms are between 3 and 36 months and funding is possible within just 24 hours for approved applicants. Application is quick and easy, and can be completed in as little as 10 minutes.
Our business line of credit on the other hand can give eligible businesses the comfort of knowing you have access to funds up to your approved facility limit (between $2,000 and $150,000) when you need it. You only pay interest on the funds you use, while you use them, and you can repay and reuse the funds again as you see fit up to the approved limit. This small business funding product can be great to support cash flow and cover invoice gaps.
Talk to Australia’s #1 online lender to small business
Flexibility
Fast decision and funding possible in 24 hours on flexible funding options up to $300,000.
Support
A dedicated Business Lending Specialist will get to know your business and provide a personalised solution.
Confidence
Join thousands of small businesses who thrive with the support of Australia’s #1 online lender to small business.
Not sure which small business funding option to choose?
Small business loan vs line of credit
Check your eligibility for business funding
If you require further information, then please don’t hesitate to get in touch with our business team. Our business finance team are dedicated loan specialists who can help you understand how our small business funding works, help you to determine what product might suit your needs and what’s involved in applying. You can call us directly on 1300 882 867 during business hours or find out if you qualify by taking our .
FAQs
Frequently asked questions
Small business funding from Prospa comes in a variety of forms, a small business loan of between $5,000 and $300,000 or a flexible line of credit available for facility limits between $2,000 and $150,000.
If approved, a small business loan is a lump sum payment made directly into your business account. Your business will need to make fixed repayments over terms between 3 and 36 months. We aim to set a flexible repayment schedule that works with your business and you’re free to make additional payments or pay out your loan early. Funding is possible in 24 hours once we have received your documentation and interest rates are tailored to your business circumstances.
If you’re looking for ongoing access to funds then a line of credit might work better for you. If approved, a line of credit offers your business ongoing access to funds up to the approved facility limit and can be ideal for covering gaps in your cash flow, for example during busy periods between invoice payments. You only pay interest on the funds that you use and, just like our small business loans, funding is possible within 24 hours of a successful application.
Small business funding is available from dedicated business lenders like Prospa. It’s also a good idea to keep your eye on any small business grants offered by both the Australian Federal Government as well as your local and state or territory governments. Competition for grants can be very high but they are worth considering, especially for start-up business and those seeking funding to explore new markets or develop new product offerings.
To be eligible for any of our small business funding products, you must be at least 18 years old and either an Australian citizen or a permanent resident with a registered ABN/ACN. You must be able to show a minimum of 6 months trading history for your business or at least 3 months trading history for an established business that you have purchased.
It’s quick and easy to apply for funding with Prospa. Our online application process is completed in around 10 minutes and funding is possible in as little as 24 hours.
Repayments will vary depending on the type of funding that you opt for. Our small business loan comes with fixed terms and set repayments either weekly or fortnightly. With our line of credit product you can use the funds as you need them and once you repay them you can use them again (up to your available limit) for the approved term. Find out more about our small business funding products or .
Prospa is the dedicated online small business lender trusted by Australian businesses to provide them the funding they need to grow, consolidate and thrive. for small business funding from Prospa today or call 1300 882 867 to talk to a specialist about what we might be able to offer your small business.
Other questions?
