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Accounting software provider Reckon has partnered with a small business loan provider, in a move it says will enable small businesses to access financing faster.
Reckon chief operating officer Daniel Rabie told AccountantsDaily it will supply the small business loan provider Prospa with data, to enable Prospa to process financing for businesses at a faster rate.
The new service, called Reckon Loans Powered by Prospa, will offer small businesses up to $250,000 worth of loans within a short period of time.
“This ability to provide data to a bank or fintech player so that they can do a real-time credit check and provide safer loans to small business is disrupting this space,” said Mr Rabie.
Mr Rabie said the process of securing a loan used to take businesses months, and that many businesses have failed simply because they couldn’t get financing quickly enough.
“The ability for us to provide that data to the right partner means that a small business that needs to get financing quickly to grow their business can move quickly on what they need to do, buy stock really quickly, move into that premises that they need to move into, or bring on those extra staff members.”
Mr Rabie said Reckon will continue to look for additional services and partnerships.
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