Non-bank SME lending soars
The Australian headquartered non-bank, listed on the ASX, booked its best ever month in December, as small businesses seek funding after the Covid pandemic and subsequent lockdowns.
Loan originations reached A$18 million in the fourth quarter, up from A$6 million on the prior quarter.
Non-banks like Prospa have enjoyed an uplift in business over the past year with banks maintaining conservative credit criteria, particularly for businesses affected by Covid.
Adrienne Church, general manager of Prospa in New Zealand, said advisers "have been so important in driving this uplift in originations".
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