Small business lender Prospa has established its first warehouse facility to fund small business loans in New Zealand.
The three-year committed facility will have an initial capacity of NZ$45 million with funding costs consistent with the levels observed for Prospa’s facilities in the Australian market.
Ed Bigazzi, chief financial officer at Prospa, believed that the new facility will make funding more accessible to small businesses across New Zealand.
“Our first NZ warehouse creates a solid platform for growth as we continue to pioneer in the online small business lending space. We believe over time it will act as a conduit to bring global funds into New Zealand and increase access to finance for small businesses across the country,” said Bigazzi.
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Adrienne Church, general manager at Prospa NZ, commented that the facility will help them support the growing number of small businesses in the country.
“Our New Zealand customer base is diversified across a range of industry sectors including hospitality, retail, professional services and building and trade,” said Church.
“We have a TrustPilot rating in New Zealand of 9.8 out of 10 as at 31 July 2019 and we rank first in the non-bank finance category. We’re incredibly proud of the work we do to support small businesses in New Zealand and enjoy watching those businesses invest, employ and grow.”