And the trajectory of its own business reflects this with the company achieving record-breaking financial year 2022 results announced in August, and July originations reaching $66 million, an increase of 58 per cent compared to the same period last year.
It has lent more than $3 billion to small business and is expecting further growth coming off the back of recent YouGov data that found seven out of 10 small businesses rated the health of their business as good or very good, despite challenging conditions anticipated to continue over the next 12 months.
The study conducted by YouGov and Prospa found small businesses are feeling confident about the future and noted that there is a marked positivity among small businesses despite the challenges in the current operating environment.
The number of small businesses expressing concern about future revenue has decreased by 25 per cent compared to April 2022.
In addition, the report also highlighted that 80 per cent expect revenue to increase or stay the same over the next 12 months. Some are also investing in their future growth.
“Prospa’s momentum and YouGov research clearly shows positive sentiment amongst small business owners,” said Beau Bertoli, Prospa’s chief revenue officer.
“The results reveal admirable resilience and determination from business owners who are navigating through the various challenges of inflation, labour constraints and rising interest rates. The entrepreneurial vigour of business owners has helped many steer their business in the right direction, with survey results showing a reduction in concerns around unpredictable or unstable revenue from 34 per cent in April to 25 per cent in August 2022.
“Our recent study clearly shows that demand for funds remains high amongst small businesses that are focused on sustaining growth.”
