Prospa rolls out new scheme for SMEs

Prospa says it will lend money with no loan repayments for between one and eight weeks.

Interest will accrue during that time, but the repayment holiday could still be useful to companies in the run up to Christmas, according to Prospa managing director NZ Adrienne Begbie.

She adds the term of the loan will be extended by an amount of time equivalent to the selected no-repayment period.

Sums of up to $500,000 will qualify and be available to both existing and new approved customers.

The plan will cover new loans as well as refinanced loans that are issued between October 24 and December 31, but will only be available to businesses established and operating in New Zealand.