5 ways Prospa helps brokers succeed
IN Partnership with
Roberto Sanz, national sales manager at Prospa, discusses the service models that make the relationship between Prospa and mortgage, asset finance and commercial brokers such a powerful driver of success
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NOT SO LONG AGO, small business owners with no property had little or no access to business funding, making it almost impossible for them to invest in the resources they needed to grow and succeed – to make business happen.
Prospa identified this gap in the market because we understand small business and, from day one, we’ve made it our mission to help small businesses manage their everyday expenses and take advantage of growth opportunities by offering fast and flexible funding options.
Part of achieving our status as Australia and New Zealand’s most trusted small business non-bank financial services provider was creating awareness in the market of new funding options that would enable small businesses to grow, scale and succeed.
We discovered early on that we could amplify that awareness and education, and extend our reach through our partners, including mortgage, commercial and asset finance brokers.
Prospa pioneers simple, stress-free, seamless financial management – it’s part of our commitment to unleashing the potential of every small business.
Over the past 10 years, we’ve listened, learned and evolved alongside our partners and their small business clients – we know that small businesses run on passion.
And we’ve put 10 years of knowledge and understanding to work, continually evolving and building products and services that remove bottlenecks and accelerate growth for partners and their small business clients.
This has driven the development of our new brand and expanded product suite, providing a platform for growth today and into the future.
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Roberto Sanz, Prospa
This relationship between Prospa and our partners is key, then, to addressing the cash flow challenges of small business owners and enabling them to realise opportunities by offering them the education, tools and products they need to take control of their finances.
Roberto Sanz, Prospa
Mortgage brokers already have self-employed and small business clients on their residential lending books. When those clients have challenges or upcoming opportunities in their businesses, they may reach out to a broker who can offer a solution, so being prepared to support them is the first step to diversifying. It’s more likely, though, that the broker will need to anticipate the residential borrower’s commercial funding potential and be ready to act when the client’s need arises.
Prospa empowers mortgage brokers to engage with their clients about potential cash flow issues and anticipate opportunities for growth, by helping brokers to diversify their revenue streams and get involved in the business lending space.
It’s not about mortgage brokers deviating from their core business – we know the expertise and experience that their core business involves. Rather, it’s about Prospa offering a ‘spot and refer’ service model that enables mortgage brokers to make the most of opportunity without overinvesting outside their core business.
Prospa provides the tools and training to help our partners identify opportunities to address the cash flow challenges of their SME clients. All the broker needs to do is engage with our team of dedicated business development managers or access the Prospa Partner Portal – which then manages the rest of the process.
Asset finance brokers can be alert to the opportunity for discussions with their clients about cash flow challenges. When they are setting up equipment leasing finance, for instance, it’s a matter of asking extra questions: How are you managing your cash flow? What cash flow challenges are you facing? Do you have any upcoming growth opportunities?
More than 20% of Prospa’s Small Business Loans are used for the purchase of equipment, but that same loan product can be used to complement or substitute other equipment leasing or financing products, especially where the asset might not be eligible for financing or where the small business wants to own the asset.
Successful brokers are those who master the art of identifying opportunities and have the right solutions in place for their clients’ cash flow needs.
Brokers must educate themselves on how to anticipate when a business client may have upcoming cash flow challenges or need quick access to cash to realise a growth opportunity. This means asking questions about the client’s business and investigating options to support the cash flow of their business. What is their cash flow forecast? What pain points are headed their way throughout the year? What investment could boost growth now and for the years ahead? Can we finance that asset with a Prospa Small Business Loan?
And with market conditions what they are – interest rates rising and margins squeezing – clients will need their brokers more than ever. Brokers need to ask themselves how they can best secure peace of mind for their clients. Is it by advising them to outflow funds from their business when required? Or is the better option to maintain their cash and explore finance at a fixed rate in a volatile market?
Most small and medium businesses are encountering challenges around increasing expenses. At least some of those challenges can be solved by having the right conversation with a broker who can engage with Prospa to find the best possible solution.
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“Prospa empowers mortgage brokers to engage with their self-employed and business clients about potential cash flow issues, by helping them to diversify their revenue streams and get involved in business lending”
“The most successful brokers are those who master the art of identifying opportunities and position themselves as go-to advisers for their clients”
Roberto Sanz, national sales manager at Prospa, discusses the service models that make the relationship between Prospa and mortgage, asset finance and commercial brokers such a powerful driver of success
Roberto Sanz, national sales manager at Prospa, discusses the service models that make the relationship between Prospa and mortgage, asset finance and commercial brokers such a powerful driver of success
1. Enabling mortgage brokers to spot commercial opportunities
2. Assisting asset finance brokers to solve cash flow challenges
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More than 75% of Prospa business originations are via partners
7 in 10
borrowers come to Prospa via brokers
Indeed, more than 75% of our new business originations are introduced by our partners, with mortgage, asset and commercial representing the majority.
So, what makes the partnership between Prospa and brokers so powerful?
Prospa has a dedicated team of loan writers and senior credit officers who work directly with brokers on larger deal sizes to ensure these are assessed before reaching credit. This premium service is highly regarded by all our partners, specifically commercial brokers.
3. Streamlining commercial brokers’ scenarios and decisions
of Prospa’s small business loan funding is used for the purchase of equipment
20%
An asset to business
Prospa also offers different tools to support brokers in navigating the various stages of their journey into cash flow and business lending.
For example, in the early stages, Prospa can empower brokers to identify opportunities to engage with their existing clients about their cash flow needs, while building awareness through education, personalised lead generation tools and marketing assets that speak to the seasonality of any business – think end of financial year and end of calendar year.
Later, in the customer acquisition phase, the personalised lead generation and marketing tools enable brokers to scale their leads with little to no investment from their end.
Prospa is leading the way with a new broader trend in financial services that includes our partners. We’re bringing back together the financial products that have become fragmented to create a singular, holistic customer experience, empowering small business owners to take control of their financial health and their growth potential.
Prospa’s suite of products – Prospa Small Business Loan, Prospa Business Loan Plus, Prospa Business Line of Credit and the new Prospa Business Account – present an opportunity for brokers to start meaningful conversations about cash flow and finance, nurture their roles as trusted advisers to their clients, and uncover opportunities.
While Prospa’s core focus will always be the capital products that partners can help their clients access to fund growth, our new Prospa Business Account and its upcoming overdraft – currently in pilot phase – is an evolution towards offering a full suite of financial management solutions.
4. Prospa’s tailored lending solutions
5. Identifying opportunities to make business happen
4. Prospa’s tailored lending solutions
IN Partnership with
Roberto Sanz, Prospa
Asset finance brokers can be alert to the opportunity for discussions with their clients about cash flow challenges. When they are setting up equipment leasing finance, for instance, it’s a matter of asking extra questions: How are you managing your cash flow? What cash flow challenges are you facing? Do you have any upcoming growth opportunities?
More than 20% of Prospa’s Small Business Loans are used for the purchase of equipment, but that same loan product can be used to complement or substitute other equipment leasing or financing products, especially where the asset might not be eligible for financing or where the small business wants to own the asset.
“The most successful brokers are those who master the art of identifying opportunities and position themselves as go-to advisers for their clients”
Roberto Sanz, Prospa
Mortgage brokers already have self-employed and small business clients on their residential lending books. When those clients have challenges or upcoming opportunities in their businesses, they may reach out to a broker who can offer a solution, so being prepared to support them is the first step to diversifying. It’s more likely, though, that the broker will need to anticipate the residential borrower’s commercial funding potential and be ready to act when the client’s need arises.
Prospa empowers mortgage brokers to engage with their clients about potential cash flow issues and anticipate opportunities for growth, by helping brokers to diversify their revenue streams and get involved in the business lending space.
It’s not about mortgage brokers deviating from their core business – we know the expertise and experience that their core business involves. Rather, it’s about Prospa offering a ‘spot and refer’ service model that enables mortgage brokers to make the most of opportunity without overinvesting outside their core business.
Prospa provides the tools and training to help our partners identify opportunities to address the cash flow challenges of their SME clients. All the broker needs to do is engage with our team of dedicated business development managers or access the Prospa Partner Portal – which then manages the rest of the process.
“The most successful brokers are those who master the art of identifying opportunities and position themselves as go-to advisers for their clients”
Roberto Sanz, Prospa