An ASX-listed accounting software provider has partnered with a leading fintech lender to launch a specialised small business home loan product.
Reckon will launch Reckon Loans via online SME lender
Prospa. Reckon Group COO Dan Rabie said Reckon Loans will leverage their small business client’s business data to give them easier access to credit.
“With Reckon Loans our small business customers can leverage their business data to make the credit process easier. We will offer businesses simplicity and convenience through the lending application and fast funding on approval,” he said.
“Data from accounting software used to evaluate cash-flow is seen as the best measure of business fundamentals, helping to determine the business’s ability to repay and manage risk during the life of a loan.”
Reckon customers can apply via an online application form. The health of the business is analysed to determine creditworthiness, using a proprietary technology platform, before the application is then assessed and financed by Prospa. Established in 2011, Prospa has funded more than $150 million small businesses loans.
“Fintech disruption has changed the business lending game, with online entrants challenging the traditional providers of bank finance by introducing new cash-flow financing options for SMEs,” Rabie said.
Reckon customers can apply for an unsecured Reckon Loan between $5,000 and $250,000. Loan terms range between three and twelve months with daily and weekly payment options available.
Prospa is the finance provider and facilitates the online application and decision process. However, Rabie said the future of Reckon Loans will see the loan application process directly integrated into Reckon accounting software.
