SME lender Prospa to offer interest-free business loans
The loan is designed for entrepreneurs and business owners to fund their business education through The Entourage.
A new partnership between leading small business lender Prospa and business educator The Entourage will allow business owners to access interest-free loans to fund their education. The Launch, Build, Scale education program gives entrepreneurs and small business owners access to monthly workshops, an education portal and advice from leading entrepreneurs.
Beau Bertoli, CEO of Prospa, said both Prospa and The Entourage believe that the partnership will help businesses succeed.
“We believe education and access to finance are critical components to driving small business success. This partnership levels the playing field for business owners that want to dream big but have put off ongoing business education due to entry costs," he said.
The Entourage, which has an active community of over 300,000 members, was founded in 2010 by entrepreneur and investor Jack Delosa. Through the program, business owners can access six-month programs that are tailored towards different growth stages as well as two business diplomas.
Delosa said the partnership with Prospa was a game changer for business owners looking to fund their education.
“The Entourage was started on the premise that entrepreneurs could receive real business education delivered by people that had been there and done that. One of the key learnings is the importance of investing in your personal growth, as this is ultimately the growth of your business. With Prospa’s Interest-Free Small Business Loan, business owners can invest in a roadmap and support network for launching, building and scaling their own business dreams," he said.
This is not the first strategic partnership for Prospa, with it partnering with Westpac in November 2015 and then with accounting group Reckon in July this year.
To be eligible for Prospa's interest-free loan, business owners need to have a minimum turnover of $5,000 per month and have been trading for at least six months.