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Small business loan boost

Non-bank SME lender Prospa is offering small businesses some breathing space as they recover from the Covid-19 lockdown. 

Monday, October 5th 2020, 3:56PM

Adrienne Church

The alternative lender is offering eight weeks no repayments on loans approved and settled between October 1 and the end of November.

Prospa said the offer was designed to help businesses "rebuild and recover" from the Covid crisis, and "support cash flow or invest in the future". 

The lender said: "Prospa is urging advisers to support New Zealand’s small business recovery and talk to their clients about alternative funding solutions that might be available beyond the banks. The eight-week no repayments offer on new loans will provide some much-needed extra breathing space for small businesses during this uncertain time, so they can focus on getting back on track."

Prospa says it is seeing "green shoots" in the small business economy, with building and trade, professional services and retail sectors showing strong signs of recovery. 

An improvement in market conditions has resulted in more Kiwi customers being able to resume repayments, the lender said. About 7.7% of customers remain on payment deferrals, it added.

The new offer comes as the Australian-headquartered company pushes for greater market share in New Zealand, with many clients finding it difficult to deal with the main retail banks. 

Prospa's general manager Adrienne Church said: "As an agile fintech, we have the flexibility to respond to changes in the environment and make smart, data-driven lending decisions. We continue to use technology to deliver a better, faster partner and customer experience and are now seeing improved demand for credit.

"Small businesses need their trusted advisers more than ever to navigate these uncertain times, and we encourage our partners to reach out to their small business clients, talk to their BDMs, and run their scenarios by us to see how we can help."

Tags: Lending Prospa SME

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Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA 4.55 2.55 2.69 2.79
ANZ 4.44 3.15 3.25 3.39
ANZ Special - 2.55 2.69 2.79
ASB Bank 4.45 2.55 2.69 2.79
Bluestone 3.49 3.49 3.49 3.49
BNZ - Classic - 2.55 2.69 2.79
BNZ - Mortgage One 5.15 - - -
BNZ - Rapid Repay 4.60 - - -
BNZ - Std, FlyBuys 4.55 3.15 3.29 3.39
BNZ - TotalMoney 4.55 - - -
CFML Loans 4.95 - - -
Lender Flt 1yr 2yr 3yr
China Construction Bank 4.49 4.70 4.80 4.95
China Construction Bank Special - 2.65 2.65 2.80
Credit Union Auckland 5.45 - - -
Credit Union Baywide 5.65 3.95 3.85 -
Credit Union South 5.65 3.95 3.85 -
First Credit Union Special 5.85 2.95 3.45 -
Heartland 3.95 2.89 2.97 3.39
Heartland Bank - Online 2.95 1.99 2.35 2.45
Heretaunga Building Society 4.99 3.50 3.40 -
HSBC Premier 4.49 2.45 2.60 2.65
HSBC Premier LVR > 80% - - - -
Lender Flt 1yr 2yr 3yr
HSBC Special - - - -
ICBC 3.69 2.45 2.65 2.79
Kainga Ora 4.43 2.93 3.07 3.24
Kainga Ora - First Home Buyer Special - 2.25 - -
Kiwibank 3.40 3.30 3.54 3.54
Kiwibank - Offset 3.40 - - -
Kiwibank Special 3.40 2.55 2.79 2.79
Liberty 5.69 - - -
Nelson Building Society 4.95 3.45 3.49 -
Pepper Essential 4.79 - - -
Resimac 3.39 3.35 2.99 3.35
Lender Flt 1yr 2yr 3yr
SBS Bank 4.54 3.05 2.99 2.99
SBS Bank Special - 2.55 2.49 2.49
The Co-operative Bank - First Home Special - - - -
The Co-operative Bank - Owner Occ 4.40 2.55 2.69 2.79
The Co-operative Bank - Standard 4.40 3.05 3.19 3.29
TSB Bank 5.34 3.29 3.45 3.59
TSB Special 4.54 2.49 2.65 2.79
Wairarapa Building Society 4.99 3.55 3.49 -
Westpac 4.59 ▼3.09 3.29 3.39
Westpac - Offset 4.59 - - -
Westpac Special - ▼2.49 2.69 2.79
Median 4.55 2.94 2.99 2.80

Last updated: 23 October 2020 5:00am

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