Reckon and Prospa have partnered up to bring customers an online business loan platform - Reckon Loans.
The new opportunity will offer businesses a more customised approach to finance with greater flexibility and access to working capital.
Customers can apply via an online application form. The finance provider, Prospa, will then assess the application and potentially give applicants access to funds the next business day.
Daniel Rabie, Reckon Group COO, says Reckon Loans will give small business customers the ability to leverage their business data, and make the credit process easier.
“We will offer businesses simplicity and convenience through the lending application and fast funding on approval,” says Rabie.
“Fintech disruption has changed the business lending game, with online entrants challenging the traditional providers of bank finance by introducing new cash-flow financing options for SMEs,” he adds.
“Our partnership with Prospa was a logical choice to power our small business lending. They are the market leader and have the experience and capability to deliver."
Prospa and Reckon are both Australian owned and operated. For the last five years, Prospa has funded more than $150 million small business loans, with a customer satisfactory score of 95%.
Beau Bertoli, Prospa joint CEO, says the company is excited to collaborate with Reckon.
“At Prospa, we work with high quality partners that share our values, we put customers at the centre of everything we do,” says Bertoli.
“By powering Reckon Loans, we are helping small businesses access faster finance solutions so they can make timely decisions and seize opportunities with peace of mind.”
Customers can apply for a Reckon Loan between $5,000 and $250,000, with loan terms ranging between 3-12 months.