Prospa reveals the 3 investments atop Australian small business wishlists

As any small business owner will know, finding the time to manage day-to-day operations, let alone grow their business, can be difficult.
It’s often not enough to be a skilled carpenter, graphic designer or cafe operator, because small business owners are also required to take on the role of financial managers and marketers in order to maintain and expand their businesses.
And according to YouGov Galaxy research commissioned by online business lender, Prospa, the majority of Australian small businesses are struggling to juggle those priorities.
The research found that one in three (75%) of small business owners struggle with managing at least one area of their business, with digital marketing and financial literacy (e.g. budgeting, accounting and managing tax) topping the list.
“Being a small business owner is a tough but rewarding gig. They start out with a vision to be their own boss or follow their passion but need a wide range of skills to keep the business moving,” said Co-founder and joint CEO of Prospa, Beau Bertoli.
“Whether they’re a plumber or a retailer, small business owners need to understand social media, people management, regulations, accountancy, cash flow and debt collecting to be competitive. Having run a small business myself, I know how overwhelming this can be.”
So when it comes to addressing these issues, where would owners ideally love to make an investment to have the biggest impact on their businesses’ management and growth?
According to Prospa’s research:
• 26% of small businesses would invest in a marketing campaign to engage with their customers
• 14% of small businesses would invest in better equipment
• 13% of small businesses would invest in hiring more staff
RELATED: Small business owner? Here are four tax changes you need to know about
Looking for a funding option to provide that extra bit of investment in your small business? A business loan could provide the cash injection to purchase new equipment, hire additional staff or launch your next marketing campaign.
Find out more about business loans by checking out our ultimate business loan guide or start comparing some of the hottest business loan deals around, including Prospa’s offer, in the table below.
Compare business loans 2019 - rates updated daily
Line of Credit
Unsecured business funding up to $500K. Start the online application process in just 5 minutes, and get access to funds within 24 hours once approved. Great for ABN registered businesses with an annual turnover of $200K+.
Interest Rate
Upfront Fee
Funding Speed
On Application2% to 3%Instantly, once approvedLine of Credit
Unsecured business funding up to $500K. Start the online application process in just 5 minutes, and get access to funds within 24 hours once approved. Great for ABN registered businesses with an annual turnover of $200K+.
- Loan type
- Line of Credit
- Security type
- Unsecured
- Minimum loan amount
- $10,000
- Maximum loan amount
- $500,000
- Minimum loan term
- 6 months
- Maximum loan term
- 5 years
- Minimum trading
- 18 months
- Minimum annual turnover
- $200,000
- Application speed
- 10 minutes
- Approval speed
- 24-48 hours
- Funding speed
- Instantly, once approved
- Upfront fee
- 2% to 3%
- Ongoing fee
- $0.00
- Late payment fee
- -
- Transaction fee
- -
- Early repayment penalty
- 0
- Other fees
- Various late payment fees may apply.
- Early repayments allowed
- Yes
- Repayment frequency
- Weekly, Fortnightly, Monthly
- Repayment types
- Principal & Interest
- Redraw allowed
- Yes
- Other benefits
- -
- Other restrictions
- -
Short Term Business Loan
Unsecured business loans from $10,000 - $250,000, over 6 to 24 months. Online application takes only 10 minutes and you'll know if you're approved within hours. Apply now.
Interest Rate
Upfront Fee
Funding Speed
On Application3.00%from 24 HoursShort Term Business Loan
Unsecured business loans from $10,000 - $250,000, over 6 to 24 months. Online application takes only 10 minutes and you'll know if you're approved within hours. Apply now.
- Loan type
- Loan
- Security type
- Unsecured
- Minimum loan amount
- $10,000
- Maximum loan amount
- $250,000
- Minimum loan term
- 6 months
- Maximum loan term
- 2 years
- Minimum trading
- 1 year
- Minimum annual turnover
- $100,000
- Application speed
- 10 Minutes
- Approval speed
- from 24 Hours
- Funding speed
- from 24 Hours
- Upfront fee
- 3.00%
- Ongoing fee
- $0.00
- Late payment fee
- $0.00
- Transaction fee
- $0.00
- Early repayment penalty
- $0.00
- Other fees
- -
- Early repayments allowed
- No
- Repayment frequency
- Daily, Weekly
- Repayment types
- Principal & Interest
- Redraw allowed
- Eligible to apply for renewal after 50% paid down
- Other benefits
- -
- Other restrictions
- Minimum $100k turnover and 1 Year in Business.
Invoice Finance
Get your customer invoices paid early, without waiting up to 90 days for payment. Apply online in 10 minutes and select your local or overseas invoices to fund. Flexible funding with no lock-in contract.
Interest Rate
Upfront Fee
Funding Speed
On Application$0.00Same DayInvoice Finance
Get your customer invoices paid early, without waiting up to 90 days for payment. Apply online in 10 minutes and select your local or overseas invoices to fund. Flexible funding with no lock-in contract.
- Loan type
- Line of Credit
- Security type
- Secured
- Minimum loan amount
- $10,000
- Maximum loan amount
- $100,000,000
- Minimum loan term
- 0 years
- Maximum loan term
- 4 months
- Minimum trading
- 0 years
- Minimum annual turnover
- $0
- Application speed
- 10 Minutes
- Approval speed
- 24 hours
- Funding speed
- Same Day
- Upfront fee
- $0.00
- Ongoing fee
- $0.00
- Late payment fee
- $0.00
- Transaction fee
- On Application
- Early repayment penalty
- $0.00
- Other fees
- -
- Early repayments allowed
- yes
- Repayment frequency
- -
- Repayment types
- -
- Redraw allowed
- yes
- Other benefits
- No lock in contract, flexible funding drawdowns, international invoices, trade finance
- Other restrictions
- -
- Hot DealNo repayments on Lumi Business Loans for the first 6 weeks (T&Cs apply).
Unsecured Business Loan
A straightforward business loan with no hidden Lumi fees or charges. Speedy application and approval process with fast access to funds according to Lumi.
Interest Rate
Upfront Fee
Funding Speed
from 9%$0.00Within same dayUnsecured Business Loan
A straightforward business loan with no hidden Lumi fees or charges. Speedy application and approval process with fast access to funds according to Lumi.
- Loan type
- Loan
- Security type
- Unsecured
- Minimum loan amount
- $5,000
- Maximum loan amount
- $300,000
- Minimum loan term
- 3 months
- Maximum loan term
- 3 years
- Minimum trading
- 6 months
- Minimum annual turnover
- $50,000
- Application speed
- 10 minutes
- Approval speed
- 2 hours
- Funding speed
- Within same day
- Upfront fee
- $0.00
- Ongoing fee
- $0.00
- Late payment fee
- -
- Transaction fee
- $0.00
- Early repayment penalty
- $0.00
- Other fees
- $0.00
- Early repayments allowed
- yes
- Repayment frequency
- Weekly
- Repayment types
- Principal & Interest
- Redraw allowed
- yes
- Other benefits
- -
- Other restrictions
- Loans above $300,000 must be secured by property.
Unsecured Business Loan
Business Loans from $5,000 to $600,000 with high approval rates. Access to funds in as little as 3 hours. Cash flow friendly repayments and open minded offers.
Interest Rate
Upfront Fee
Funding Speed
On Application3%, starting at $399from 3 hoursUnsecured Business Loan
Business Loans from $5,000 to $600,000 with high approval rates. Access to funds in as little as 3 hours. Cash flow friendly repayments and open minded offers.
- Loan type
- Loan
- Security type
- Unsecured
- Minimum loan amount
- $5,000
- Maximum loan amount
- $600,000
- Minimum loan term
- 3 months
- Maximum loan term
- 1 year
- Minimum trading
- 6 months
- Minimum annual turnover
- $120,000
- Application speed
- 10 Minutes
- Approval speed
- within 1 hour
- Funding speed
- from 3 hours
- Upfront fee
- 3%, starting at $399
- Ongoing fee
- no
- Late payment fee
- $50.00
- Transaction fee
- -
- Early repayment penalty
- no
- Other fees
- -
- Early repayments allowed
- yes
- Repayment frequency
- Weekly, flexible
- Repayment types
- Principal & Interest
- Redraw allowed
- no
- Other benefits
- Daily repayments available.
- Other restrictions
- -
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