Strong growth in lending continues as Prospa supports SME recovery

While originations have returned to pre-Covid 19 levels of activity for the Australian business, New Zealand has again been a highlight, propelled by a fresh record for new loans in March.

Across Australia and New Zealand, Building and Trade continues to be a standout sector, and demand for funding has continued in professional services and retail, while hospitality has also increased slightly on the quarter too.

Prospa, which provides loans between $5000 and $300,000 and can deliver a fast decision with funding possible in 24 hours, also recently announced it has received access to the Government’s Business Finance Guarantee Scheme.

Adrienne Church, general manager for New Zealand at Prospa, said that the Government’s decision to extend access to the Scheme to fintech lenders reinforces the important and growing role they are playing in improving the flow of capital to underserved SMEs across the country.