Business
Prospa lifts provisions after $5.5m virus hit – The Australian Financial Review
The unsecured lender to small business has written off $5.5 million and set aside a further $20 million as pandemic losses send its earnings into the red.
The total impaired loan number has not been pre-released and will be larger than the $5.5 million new write-down, which came after a review in the last quarter of the recoverability of all loans and reflects a “conservative view”, the company said.
With the hospitality sector and small businesses in metro businesses hit hard, some were “starting to look for capital again and the crisis had revealed many to be resilient, Prospa chief executive Greg Moshal said. The fintech “maintains its strong …
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