Wealth management company Yellow Brick Road (YBR) has diversified its product offerings by welcoming small business lender
Prospa to its panel.
A large number of Yellow Brick Road’s clients are small business owners, said executive chairman
Mark Bouris.
“I talk to small business owners all the time, and funding is an issue that comes up time and time again. Either the bank says no to a loan, or it say yes but wants the owner to put their house on the line.”
Since using property as collateral is not a viable option for many business owners, Prospa is a new option for them to consider, Bouris said.
In a changing technological landscape, adopting digital technology to gain faster, easier access to finance makes sense, he added.
“Partnering with Prospa allows us to offer a smart, digital solution so small business owners can stay focused on what matters – running their business.”
Beau Bertoli, joint CEO of Prospa, said that the lender always works with partners with the shared value of putting customers first.
“Since 2007, Yellow Brick Road has clearly placed its customers at the centre of its business, by providing easier access to a range of financial services.”
The partnership will give YBR’s wealth managers access to small business loans to meet the cash flow and finance needs of their customer base, he said.
“We also provide best practice tools and education, and as one of Australia’s leading fintechs, Prospa will continue to invest in our partnerships and find smarter ways to improve the way people experience finance.”
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