Keeping SMEs up and running

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    How small business lending contributes to the Australian economy

    Fintech Lender Prospa recently commissioned RFi Group and the Centre for International Economics (CIE) to estimate the full economic impact of its lending activities on small businesses in Australia. The analysis, which surveyed over 7,100 Prospa customers, considered the value of funds Prospa lent from 2013 to 2018. It used data points to determine how Prospa funds had benefited businesses and the wider economy via revenue and employment growth.

    Prospa founders and CEOs Greg Moshal and Beau Bertoli said the report “shines a light on how providing access to capital allows small businesses to grow and create jobs”.

    “The results are greater than we had ever imagined and give us an immense sense of pride in the role of Prospa in the Australian economy,” they added. Founded in 2012, Prospa has lent almost $920m to over 18,000 Australian small businesses.

    Its loans of between $5,000 and $250,000 help businesses manage their cash flow and fund growth efforts. Turn to page 34 for more about Prospa’s impact on SMEs.

    Original Article