Prospa calls for caution on Hayne small business impact
Prospa says more than one in four of its customers believe they wouldn't be in business without its funding because the fintech represents their only borrowing option, reflecting the more onerous lending requirements at major banks that has been exacerbated by the Hayne royal commission.
Even though the online small business lender’s own lending volumes have been supported by the risk aversion of regulated banks, Prospa co-CEO Greg Moshal said policymakers should ensure the royal commission report, due with the government on Friday, doesn’t make it any tougher for small business to borrow.
Read more at the Financial Review.
