Funding options expanded for property-backed SME loans
Fintech lender Prospa has announced a significant enhancement to its Business Loan Plus product, raising the maximum funding limit to $1 million.
The development enables brokers to facilitate larger transactions for small and medium-sized enterprises (SMEs), particularly those leveraging property to drive business growth.
The revised offering provides funding up to $1 million, with loan terms extending to five years. Brokers can now access premium pricing from 11.95% APR and secure up to 100% loan-to-value ratio (LVR) on property. The updated product also allows for desktop valuations up to $4 million for metropolitan properties and $2 million for those in regional areas.
Prospa has also indicated that a seasonal promotional offer will be introduced soon.
The product update follows the lender’s recent launch of Tap to Pay, a feature designed to streamline payment acceptance for small businesses. Tap to Pay enables business owners to use compatible smartphones as payment terminals, eliminating the need for additional hardware or complex setup. The solution allows for contactless payments from cards and digital wallets anywhere in Australia.
The company’s April 2025 YouGov SME Sentiment Report highlighted ongoing cash flow pressures, with 13% of small business owners reporting no cash reserves and a further 20% holding less than a month’s buffer.
Prospa’s Tap to Pay is integrated with its suite of financial tools, including Xero accounting integration and Bill Pay, supporting business owners in managing cash flow and payments.
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