A Line of Credit service is provided by small business owner Prospa.
Tuesday, July 5th 2022, 11:08 AM
and Eric Frykberg
Companies can take out a loan of up to $ 150,000, when they need it, and pay only interest on the money actually used.
It’s 24 months but he has an option to renew.
The product is intended to help business owners cover employee costs or pay a customer invoice, providing peace of mind and convenience in times of need. big investment.
These problems were complicated by Covid’s ignorance.
Prospa Managing Director, Adrienne Begbie, said her company has researched customers and seen how useful the service is.
“From our research, and through anecdotal feedback from consultants, we hear about the demand for affordable financial products for small businesses,” he said.
“It’s easy to turn the tide after the unforeseen crises of the past years. We’re seeing small businesses looking for money to help their budgets so they can drive. a (complex) environment.
Begbie said the COVID-19 disease has changed the financial conditions of many small businesses, making it much easier to navigate the waves of uncertainty that have followed.
Prospa told a small business owner, Deborah Delport, who runs an engineering business. With the onset of future payments due to the impact of COVID-19, Deborah said she felt the importance of security in joining Prospa’s Line of Credit.
“During COVID, I thought a deposit would take longer to get payments, so when Prospa went about their Line of Credit like reading my mind, ”Delport said.
“It’s a huge protection for my business, and it’s good to know that I have the money back then to pay back if necessary, even though I don’t have to pay interest on the money I didn’t use.”
Prospa provides services to companies that have been trading for six months and earning more than $ 5,000 per month.
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