Prospa, a SME lending specialist, has recorded a surge in lending composition as more SMEs turned to alternative lending channels.
Monday, July 26, 2021 12:04 PM
ASX-listed Australian-based lenders increased their loan composition to A $ 34.3 million in the fourth quarter of the fiscal year, up 72.1% from the last three months.
Prospa’s participation in the New Zealand Government’s Business Finance Guarantee scheme was a major driver of growth. The origination of the scheme reached A $ 15.7 million.
Lenders said they continued to set monthly origin records as New Zealand’s footprint expanded. Performance “verifies the group’s decision to expand its product offerings to this market.”
Adrienne Begbie (pictured left), Managing Director of Prospa New Zealand, said:
“The record growth seen in New Zealand shows the regaining of trust within the small business community. Small business owners have the capital to support business growth, new opportunities and future plans. It’s really encouraging to see this trend as we all thrive when SMEs thrive. They are the structure of our community and our economy. It’s the backbone and we’re very proud to have supported over 11,900 Kiwi SMEs so far.
Begbie encouraged advisors to expand into small business lending to assist clients.
“Many advisors understand the hardships and challenges faced by small business owners better than anyone because they are small business owners in their own right. Therefore, advisors identify small business owners. We are in the best position to advise on products and solutions that meet your needs, so we recommend that you diversify into small business financing. Our advisor network is a great asset to us and we Continues to value strong relationships with our partners. “
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Prospa NZ Business Soars-Good Return
Source link Prospa NZ Business Soars-Good Return