Demand is skyrocketing for small business loans

Roberto Sanz, national sales director at fintech Prospa, believes the time has come for brokers and accountants to diversify into small business lending as the year-end period coincides with an increase in resilience and business takeovers.

With the end of the year fast approaching, chances are you are expecting a well-deserved break. But many of your independent clients are emerging from the pandemic with big plans for the year ahead. And whether they’re currently gearing up for a busy holiday season, or wondering how to stretch their cash flow during the lean and sluggish times of January, it seems like this time of year for small business owners. companies might need additional support.

Research by RFi Group and Australian fintech lender Prospa shows that demand for trade finance is increasing across Australia – a fact reinforced by Prospa’s national sales manager Roberto Sanz.

“Research found that one in three small Australian businesses are looking to raise funds over the next six to 12 months to cover asset and equipment purchases and to fund digital transformation or additional inventory on the way out. of the lockdown, ”says Sanz.

Beau Bertoli, co-founder and chief revenue officer of Prospa, shares Sanz’s optimism.

“The Australian Bureau of Statistics reports that the number of businesses in Australia increased 3.8% in 2020-2021, which is the biggest increase we have seen in three years.

This clearly indicates a resilient economy and the return of business confidence. “

Access to finance appears to be the critical piece of the puzzle, with 87% of SMEs saying they would miss opportunities without access to capital. Sanz says brokers and accountants can play a vital role in helping their clients access funds if they branch out into business lending.

“With business confidence growing and demand for funds on an upward trajectory as business owners prepare to put their plans into action, now is the time to act,” he said, noting that he and his team at Prospa are ready to help brokers recognize opportunities and find solutions that work.

Partnering with a specialist commercial lender such as Prospa can not only open the door to a whole new range of opportunities in the brokerage business model. Sanz believes this is also an important decision for mortgage brokers looking to strengthen their relationships by offering more to their existing clients.

Experience shows that starting a conversation is the first step, and he simply suggests reaching out to freelance clients to ask them about their plans for the next 12 months and discuss how they are currently funding their business.

“It’s really as easy as opening the door and letting them know you’re there to help them,” Sanz says. “Prospa supports its partners with a flexible product suite designed for the needs of small businesses, as well as direct access to credit teams, white label marketing to help grow their business and a sales team available to discuss scenarios. and options. “

And he says that all of this ensures that partners and their clients feel confident and supported.

Regular customer offers, such as Prospa’s current year-end offer with no repayment for the first eight weeks of business loans settled before Dec.31, 2021, also help support businesses by giving them some breathing space. while they put the funds to good use. .

“As a partner-driven business, we personalize our partnerships with our brokers,” says Sanz. “We work the way they want to work. They can apply online on behalf of their client or just call or email the Prospa team and then get involved as much or as little as they want, but they will still be able to track the application in real time.

If you would like to learn more about the opportunities offered by diversification into business credit, contact Prospa at [email protected] or call the team on 1300 964 808.

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