FFor SME loans under $250,000 and short-term loans, brokers have been rating Prospa. We catch up with Prospa’s general manager for sales and partnerships Roberto Sanz to discuss what makes the non-bank’s products so popular with brokers and their clients
Q: What do you think makes your SME products so popular with brokers?
Our mission is to unleash the potential of every small business and since day one, our partners have been there alongside us, helping us edge closer to achieving this goal. We remain committed to ensuring small businesses get fast access to the funding they need, when they need it and that wouldn’t be possible without our partners.
Since Prospa was founded, we have continued to invest in delivering market-leading solutions that ensure small businesses can gain access to fast and flexible funding. This focus on continual innovation also extends across our partner network. Soon we’ll be launching a new tool to improve and ease the experience of writing business loans.
Our partners are truly an extension of our team and their passion and collaboration have been essential to our success. We remain committed to empowering them, whether that’s through educational and marketing resources or tailored funding solutions for their clients, so they can grow their business.
Q: How have you been tailoring your short-term and SME loans under $250,000 offerings in the past year to move with market?
In a challenging economic environment, fast and flexible funding solutions have become increasingly crucial for small businesses looking to better manage cash flow and drive growth. Many small-business owners are also finding it more complex to navigate the process of qualifying for finance and are turning to brokers for advice.
To ensure we’re able to help even more small businesses and drive sustainable growth, we identified an opportunity in the SME market called the established small-business segment (SMEs with at least two years trading and average monthly turnover of $100,000). In response, we launched a new pricing matrix tailored to this segment to educate our partners and ensure small businesses can gain access to the right funding solution to suit the business’s needs. This has led to an increase in the average loan value written by Prospa partners and has allowed us to grow the established business segment we service by 19 per cent year on year, while ensuring we’re delivering a best-in-class experience for our partners and customers.
