$1 billion: The small business benefits behind Prospa’s loan milestone

If there was ever any doubt as to the growing popularity of online business loans in Australia, Prospa’s most recent announcement may have put it to rest.     Last week the online lender reported that it has now delivered over $1 billion in business loans to more than 19,000 small businesses across Australia and New Zealand.And according to combined research released in January from Prospa, the RFi Group and the Centre for International Economics, its lending has had a pronounced impact on small businesses.In 2018 alone, Prospa’s business loans added close to $1.7 billion to Australia’s GDP while also helping maintain over 24,000 full time positions in small businesses across the country.“We’ve always believed our lending has a positive economic impact and adds real value to small business owners,” said co-founder and joint CEO of Prospa, Greg Moshal.