5 ways Prospa helps advisers succeed

Not so long ago, small business owners with no property had little or no access to business funding, making it almost impossible for them to invest in the resources they needed to grow and succeed – to make business happen.

Tuesday, April 11th 2023, 2:00PM

Part of achieving our status as New Zealand and Australia’s most trusted small business non-bank financial services provider as ranked by Trustpilot was creating awareness in the market about new funding options that would enable small businesses to grow, scale and succeed.

Over 50% of our new business originations in NZ are introduced by Prospa’s partners. So, what makes the partnership between Prospa and advisers so powerful?

1. Enabling mortgage and insurance advisers to spot commercial opportunities

Many mortgage advisers may already have self-employed and SME clients as customers. When those clients have challenges or upcoming opportunities in their business, they may reach out to an adviser who can offer a solution. More likely though, the adviser needs to anticipate the residential borrower’s funding potential and be ready to act when the client’s need arises.

Adrienne Begbie, Managing Director Prospa NZ says: “Prospa empowers mortgage advisers to engage with their clients about potential cash flow issues and anticipate opportunities for growth. We’re helping them to diversify their revenue streams and get involved in the business lending space.”

2. Assisting asset finance advisers to solve cash flow challenges

Asset finance advisers can be alert to the opportunity for discussions with their clients about cash flow challenges.

Begbie says: “Over 20% of our Small Business Loans are used for the purchase of equipment. That same loan product can be used to complement or to substitute other equipment leasing or financing products, especially where the asset might not be eligible for financing or where the small business wants to own the asset.”

3. Streamlining commercial advisers’ scenarios and decisions

Prospa has a dedicated team who deal directly with advisers on larger deal sizes to ensure these are assessed before reaching credit. Begbie says the premium service is highly regarded by all Prospa’s partners, specifically commercial advisers.

Prospa empowers advisers to identify opportunities to engage with clients about their cash flow needs while building awareness through education, personalised lead generation tools and campaign marketing assets.

4. Prospa’s tailored lending solutions

Prospa’s suite of products – Prospa Small Business Loan, Prospa Business Loan Plus and Prospa Business Line of Credit – present an opportunity for advisers to start a meaningful conversation with their clients, says Begbie. “Advisers can start the conversation about cash flow and finance, nurture their roles as trusted advisers to their clients, and uncover opportunities to help them.”

5. Identifying opportunities to make business happen

Advisers must educate themselves on how to anticipate when a business client may have upcoming cash flow challenges or need quick access to cash to realise a growth opportunity.

Begbie says this means asking questions about the clients’ business: “Advisers need to ask what is their cash flow forecast? What pain points are headed their way? Can we finance that asset with a Prospa Small Business Loan? By asking the right questions, they can investigate options to support the cash flow of their business.”

Recent research commissioned by Prospa shows most SMEs are encountering challenges around increasing expenses Some of those challenges can be solved by having the right conversation with an adviser who can engage with Prospa to find the best possible solution.

Visit prospa.co.nz for more information on Prospa.

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