NRMA Business Insurance has entered into a pilot partnership with small business lender Prospa to offer customers a faster, simpler finance solution.
Prospa is an online small business lender that raised $25 million earlier this year. It offers small business owners loans between $5,000 to $250,000 online, with approval within a day. Since it was established in 2011 Prospa has issued $250 million in total loans to small businesses in Australia.
The partnership means NRMA Business Insurance customers can now access Prospa’s lending services alongside other benefits offered by the insurer, such as free online tax and legal advice.
“Small business owners often tell us that managing cash flow and financial admin are some of the hardest things about running a business, and through working with Prospa we can connect our customers to a fast and easy online lending solution,” said Amanda Whiting, Executive General Manager Small Business for NRMA Business Insurance.
“Our customers already have access to a suite of services, like free tax and legal advice, that provide support beyond insurance. Through partnering with innovative businesses like Prospa we can continue to provide new ways to help small business owners thrive.”
Beau Bertoli, joint CEO for Prospa said partnership like the one with NRMA Insurance are key to its future growth.
“Key to Prospa’s future growth is investing in strong partnerships with trusted brands like NRMA Business Insurance. They have longstanding relationships with Australian small business and like us, they care about their customers,” Bertoli said.
“There are over two million small business owners in Australia, and research repeatedly shows that accessing the funds to manage cash flow or grow is a major challenge. Prospa is driving a fundamental change in the way small businesses do this.”
According to NRMA Business Insurance Business Owner Sentiment Study, of over 1,000 small business owners found that the top five stressors of running a small business are:
- Managing cash flow (42 per cent)
- Balancing professional and personal life (33 per cent)
- Managing financial responsibilities (30 per cent)
- Potential changes to economic and policy conditions (28 per cent)
- Long work hours (28 per cent)