Prospa Group Limited (ASX: PGL ) has topped $2 billion in lending to SMEs in Australia and New Zealand.
In a public statement, Prospa said the milestone arrived after a solid increase in loan originations due to pent-up demand from small businesses. For the month of April, total originations for Prospa were $41.5 million, rebounding 1331.0% versus the same period year prior as the COVID-19 health crisis set in. In the New Zealand market, the company said it continues to set monthly originations records and in April originated A$8.5 million.
Prospa points to commissioned research that indicates that for every one million dollar in lending $4 million is added to Australian GDP and 57 full-time jobs are maintained or created. Based on this research, Prospa estimates that this $2 billion in lending has added approximately $8 billion to GDP and supported 114,000 FTE jobs since the platform launched.
Prospa currently employs over 200 people with offices in Sydney and Auckland.
“April was a very strong month for originations, even allowing for public and school holidays, and we anticipate an even stronger finish to the end of financial year in Australia. We have seen no dip with Jobkeeper ending and expect the momentum we’ve seen to continue into FY22. We know that improving access to capital enables small businesses to grow and create jobs and has a positive and direct economic impact. Small businesses across Australia and New Zealand are now staging a recovery and increasingly looking to invest in their future, and we’re proud to be a part of that as we celebrate this milestone today.”