New Prospa data reveals where and why Kiwi small businesses are lending

The top three regions applying for funding were Auckland (3,077 applications), Canterbury with (787 applications) and Waikato (680 applications) . 

Adrienne Begbie, managing director, Prospa New Zealand, says the findings point to a significant opportunity for advisers to broaden their service offering by supporting business clients who may already exist in their mortgage or insurance books.

“Small businesses account for 97% of all businesses in the country. Kiwi entrepreneurs are everywhere, and they might already be clients without you even knowing it. By getting to know your existing clients, and their individual circumstances, savvy advisers can diversify into SME lending.

“Our data showed that the top four industries for applications and originations were Building and Trade, Professional Services, Hospitality, and Retail. Fostering relationships with SME owners, particularly in these key industries, can lead to surprising business opportunities,“ says Begbie.