The investment, which could reach up to $90 million, will be made through the Structured Finance Support Fund, the government’s $15 billion fund established to support smaller lenders making loans to their customers through the COVID-19 pandemic.
The actual committed limit for Prospa may be lower than the $90 million maximum investment amount approved by the delegate under the Structured Finance Support Fund.
Prospa reported it has now originated more than $1.5 billion in loans to date across Australia and New Zealand, having served more than 28,500 small business customers.
Sarah Simpkins is a journalist at Momentum Media, reporting primarily on banking, financial services and wealth.
Prior to joining the team in 2018, Sarah worked in trade media and produced stories for a current affairs program on community radio.
Sarah has a dual bachelor's degree in science and journalism from the University of Queensland.