Loans for Business

Small to medium business owners can take advantage of loans for business to help expand their operations and increase revenue. If you want fast decision making , you can rely on Prospa to help find the best loan for your needs.

Why are loans for business important for small businesses?

Small business owners generally have limited capital to invest in their business. Loans for business enable investment into the business without having to use personal funds or credit cards. In addition, they can use the loan to expand their business, acquire inventory, and increase cash flow.

If you want to apply for a business loan, then Prospa will make it easier than ever with a smooth application process and quick turn around on decisions.

Australia’s top online lender for small businesses

Prospa offers loans for business with flexible repayment terms and interest rates based on your business circumstances, giving Australian companies access to funds that can be used for many different purposes like working capital, business expansion, renovations and product development.

In addition to flexible repayment terms, we also offer a quick and easy application process with funding possible in 24 hours. If you apply for a corporate loan before 4:00 p.m. on a business day and are approved immediately, funding is possible in 24 hours.

Thanks to our hassle-free online application, you’ll get a quick decision which means you’re less likely to lose out on any opportunity amidst this fierce and fast-paced market competition.

Prospa is your partner in progress

Prospa has partnered with thousands of small businesses in Australia by offering loans for business. One business that has benefited is Queensland’s Karinya Diesel Service, an automotive repair business owned by husband and wife duo, Kim and Frank Malone. When they needed additional funding to hire more staff, boost their inventory, and smooth out cash flow, they had trouble finding funding.

When they turned to the internet to find other options, they came across Prospa. With Prospa’s simple online application process, they were able to access funds that helped grow their business and make large purchases.

Be inspired by their story here.

Loans for business features

We offer flexible business loans to cover a wide range of expenses at Prospa. From one-time purchases and unexpected operating expenses to payroll, rent and renovation. Take a look at the features of our loans for business:

  • A lump sum between $5,000 and $500,000
  • No asset security required upfront to access Prospa funding up to $150,000
  • Fixed loan term from 3 to 36 months
  • Flexible daily or weekly repayments
  • Funding possible in 24 hours
  • Interest rates based on your business circumstances

How to use loans for business

Loans for business can be used for any business-related purposes. Small businesses we work with have used their loans to:

  • Buy new equipment and upgrade old machinery
  • Grow or expand their business by adding a new product or service
  • Upgrade their IT infrastructure
  • Renovate their office or retail store
  • Run monthly ad campaigns to boost business
  • Build their website or give it a facelift
  • Add new touches to their property
  • Employ casual staff during peak periods
  • Buy stock in bulk to save money

Criteria for eligibility

To be eligible to apply for Prospa’s loans for business, you must fulfil the following requirements:

  • be an Australian citizen or a permanent resident
  • be over 18 years of age
  • own an Australian business with a valid ABN/ACN
  • minimum trading history applies

Talk to Australia’s #1 online lender to small business

No more compromising or missed opportunities with Prospa by your side. With hassle-free application, this time tomorrow you could have access to funds for growth and cash flow support. It’s just what we do.
We’re Australia’s #1 online lender to small business.

Flexibility

Fast application and decision, and funding possible in 24 hours on flexible options up to $500K.

Support

A dedicated Business Lending Specialist will get to know you and your business and provide a personalised solution.

Confidence

Join thousands of Aussie small businesses who thrive with the support of Australia’s #1 online lender to small business.
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FAQs

FAQs

When applying for a small business loan, we make sure you only borrow an amount that you can comfortably repay without straining your cash flow.

Loans for business can be cost-effective if you know exactly how much cash you need for your expansion, new project, repair or purchase. Once you’ve applied, you’ll get a quick decision and funding is possible in 24 hours if you’re approved.

Prospa’s loans for business have fixed rates, repayment terms to 36 months, and amounts up to $500K, making them ideal for long-term financing, one-time payments, and large purchases or expenses.

Prospa offers two types of loans:

Small Business Loan. This financing option comes with a term of up to 36 months and requires that your company has at least $6K monthly turnover. Additionally, Prospa allows you to access up to $150,000 with no upfront asset security.

Plus Business Loan. If you require larger loans of $150K–$500K for your company, our Plus Business loan comes with a term of up to 36 months. To qualify you’ll need upfront asset security and meet the $1M annual turnover (or higher) requirement. Also, your company will need to have been trading for at least 3 years.

As an alternative to a business loan, we also offer a business line of credit with limits up to $150,000 which gives you access to easily accessible funds to support day-to-day business cash flow. Find out more here. [Link to prospa.com/line-of-credit]

To determine whether you can comfortably repay the amount you’re planning to borrow, use Prospa’s business loan calculator and input your desired borrowed amount and the repayment term.

As the leading online business lender in Australia, we make sure our customers understand every aspect of their loan to help them make an informed decision that will benefit their business in the long term.

If you want to apply for a business loan, follow this step-by-step guide.

  1. Check if you qualify for one of Prospa’s loans for business. The basic requirements include having:
  • minimum trading history applies
  • a monthly turnover of more than $6K
  • a valid ABN or ACN.
  1. Check your credit score. While this is not a strict requirement, it might be helpful to know your score, which you can get from major credit reporting agencies for free. If you see any error or incomplete information, immediately inform them so it won’t hurt your record and your chances of getting your loan approved.
  2. Visit the Prospa website to start your application. It takes as little as 10 minutes to complete the online application. You’ll need to provide your driver licence details, business bank accounts and an active ABN/ACN.
  3. Wait for the funds. Our business loan products come with fast approval and funding. If you apply before 4:00 p.m. on a business day and your loan application is approved, you can expect the money on the next business day. Once approved, you can access and manage your loan through the Prospa Mobile App and Customer Portal.

If you need loans for business that come with impressive flexibility, visit Prospa now and start financing the growth of your company.

Awards, thanks to your support

It's nice to know we're doing something right

Year Award Category
2024 The Adviser Magazine's Product of Choice: Non-Banks Survey Winner, Best short-term loan
2024 FINNIES Fintech Australia Awards Finalist, Excellence in Business Lending
2024 The Adviser Magazine's Product of Choice: Non-Banks Survey Winner, Best SME loans less than $250K
2024 Great Place to Work Recognised as one of the Top 10 Best Workplaces in Technology
2024 Work180 Recognised by WORK180 as one of Australia’s top 101 workplaces for women

See more awards