Small business lender partners with national insurer

by Miklos Bolza16 Mar 2017
Small business lender Prospa and national insurer NRMA have partnered together to meet the lending and insurance needs of SME consumers.

The pilot partnership is targeted at customers of NRMA Business Insurance with Prospa offering fast, simple business loans of between $5,000 and $250,000 online.

NRMA customers can access Prospa’s lending services through the company’s website alongside other benefits such as free online tax and legal advice.

Although the pilot partnership is only available direct to insurance customers, brokers can still benefit, an NRMA spokesperson told Australian Broker.

“Brokers can play an important role in working closely with small business customers to identify opportunities to better serve customer needs, like access to cash flow and business advice and respond to changes in the market.”

Beau Bertoli, joint CEO for Prospa said that the partnership gave customers an innovative way to access finance. 

“The 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.

“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 challenger. Prospa is driving a fundamental change in the way small businesses do this.”

Delivering more than $250m to thousands of Australian SME customers, demand for this type of lending is escalating, Greg Moshal, co-founder and joint CEO of Prospa told Australian Broker.

“As a result, distribution is a key focus for Prospa. We place a strong emphasis on growing value through strategic partners who share our vision of supporting innovation within small business.

“We chose to partner with NRMA Business Insurance as they are a trusted reputable company that shares our value of putting the customer first.”

The lender has also developed strategic partnerships with AFG, Finsure and Reckon over the last 18 months, he said.

”We would like our product to be available in any ecosystem where small business customers are operating, and we want to make financial support available to them when they decide to grow and innovate their businesses.”

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