Business

Prospa said SMEs needed more money after two difficult years

Nonprofit Prospa says 44% of small businesses need funding now to complete their primary business for the next financial year.

Tuesday, March 15th 2022, 4:46 PM

and Eric Frykberg

This figure is estimated to have risen to 66% among businesses operating in less than two years.

The findings came from research commissioned by Prospa. The industry promotes business credit, especially to SMEs.

Prospa NZ executive director Adrienne Begbie said it was no secret that the past two years had been difficult for most small businesses, including a disease related to trade, workers. and supply chains.

“It seems like making money is important for businesses that are looking to get back on track,” he said.

He has created a plug for professional advice to help businesses through difficult times.

“One in five (22%) small businesses have access to mentoring and counseling which is one of the most valuable sources of external support.

“Having a trusted counselor can make a big difference in business confidence, and now is the time to go and see how they can help.”

Begbie said banks are controlling their appetite, so it’s important for small businesses to know that there are other suppliers in the market.

To encourage new customers, Prospa offers paid holidays for the first eight weeks on business loans approved this month.

Prospa’s research was conducted online in January and February among a sample of 525 SMEs with one to 50 employees.

Words: Adrienne Church Prospa

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Prospa said SMEs needed more money after two difficult years

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