Prospa following Yellow Brick Road
Yellow Brick Road has added online lender, Prospa, to its lending panel to diversify its appeal to small business customers, the company said yesterday. Starting out as purely a wealth management play, YBR has evolved into a full-service wealth management company offering products and services for home loans, financial planning, insurance, superannuation, and investments. The addition of Prospa was a further step along the way, the company said. "I talk to small business owners all the time, and funding is an issue that comes up time and time again," Mark Bouris, executive chairman of Yellow Brick Road said. "Either the bank says no to a loan, or it say yes but wants the owner to put their house on the line. That's just not viable for many business owners, so Prospa is another option for them to consider." Bouris, recently appointed to lead the Federal Government's Small Business Digital Taskforce, said technology was fast changing the lending landscape. Prospa can approve loans and provide funding within 24 hours via its own platform. Bouris added that Yellow Brick Road chose Prospa because the fintech had delivered more than $500 million in small business loans over the past five years.