Small business lending specialist Prospa will now provide New Zealand business owners with a four-week no repayment period on all new loans until the end of the financial year, and is urging advisers to reach out to their clients to discuss their funding needs.
Speaking at an adviser roadshow this week, manager Adrienne Church said these needs could include cash flow management, staff requirements, IT upgrades or new marketing campaigns, and fast funding access can allow businesses to focus on preparing for FY21.
“It’s an important time for advisers to make contact,” Church said.
“Businesses are just getting back into the swing of things after the summer holidays, but they’re also starting to tick off their end of financial year checklist. Cash flow is front of mind, and advisers can provide valuable support during this period. We know small businesses rarely get a break, so four weeks with no-repayments can really offer some relief.”
Church says mortgage and insurance advisers may already have a significant number of potential SME clients on their roster, and with 97% of New Zealand businesses being small enterprises, there is significant opportunity to strengthen those existing business relationships.
“For mortgage and insurance advisers yet to diversify into commercial lending, it’s key to remember that prospective small business clients probably already exist in your database,” she explained.
“Being proactive means that you’re adding value to these existing relationships, while creating new revenue streams.”
Prospa is running its adviser roadshow across Auckland, Wellington and Christchurch this week. Joint CEO Beau Bertoli says it’s been a great opportunity to speak to its adviser partners, and other advisers who are considering diversifying into commercial lending.
“We’re always looking for new ways to help both our partners and their small business clients grow,” Bertoli said. “I’m looking forward to sharing the latest insights and tools we have to offer and hearing how we can deliver an even better partner and customer experience.”