Prospa | Seizing an opportunity in small business with the District Hotel.

Feb 14, 2019 | Reading Time: 3 minutes


When the owner operators of the District Hotel, Rodney and Gail Kennedy, needed to access their capital for an extension on their property, they ran into a hitch.

The hard working pair were looking for an easy business loan to help them extend their hotel by building an outdoor deck, which would increase revenue and add value to their property.

But accessing the finance to make the improvements happen wasn’t as easy as they had hoped.

The Adelaide Hills couple are not alone. Cash flow remains one of the leading worries for Australian small businesses.  Difficulty in accessing working capital is impacting potential revenue gains for many people.

By accessing cash flow, Rodney and Gail could take advantage of opportunities presented to them in their small business, but Rodney says he had trouble with the banks before taking sound advice from a finance broker.

“In 2017 Mount Barker Council gave us permission to build the decks, so we thought we’d go ahead with it because it would improve the outlook for our customers and increase revenue for us, [but] it tied up our cash flow,” he says.

“We knew we could increase our business if we could access more cash flow, so we spoke with our broker who advised us to look into Prospa,” Gail agrees.

“Prospa were absolutely brilliant,” Rodney says. “The banks wanted us to do another valuation, which would have cost $5000, only for them to potentially turn around and say no. That’s when our broker came up with Prospa and we ran with it.”

Having owned the District Hotel for 15 years, Rodney and Gail know the ins and outs of their business and they understand what would work for their clientele.

“We are owner operators and we do anything from cleaning all the way through to cooking. We also do the bar and behind the scenes office work and ordering. As owner operators, we find it’s long days and long weeks.  Often we work from 7 in the morning until 11 at night,” Gail says.

By gaining a small business loan, Rodney and Gail could capitalise on an opportunity and Prospa were with them all the way through the incredibly fast process!

“They were very easy to deal with and we found once they contacted us and we went ahead with it, the whole process was very easy,” Gail says. “They asked us all our details, we forwarded them on and once we said yes, the money was in our account within 24 hours.  It freed everything up for us.”

“Within a week, it was all done,” Rodney says.

Australian small businesses want to access cash flow for many reasons, just like Gail and Rodney at the District Hotel.

For some businesses, it’s about making a new hire or improving stockholdings, and in the case of the District Hotel, it was all about building that incredible deck.

Whether it’s a loan to finance an extension in your hospitality business, to help reduce your trade supplier account whilst fulfilling new contracts or rebranding at your hair salon, you can speak to Prospa about how they can free up your cash flow.

Prospa appeals to small business for many reasons.  For Rodney and Gail, the most important factors were the ease of application, no onerous paperwork, the rapid credit approval and the fact that they didn’t have to borrow against their property.

Prospa is the number one online lender to Australian small businesses for good reason; they understand small business and the need to access finance fast.

If you are ready to seize the next opportunity in your business, visit Prospa online today.

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