Kabbage, Inc., a data and technology company providing small business cash-flow solutions, has partnered with a technology-enabled bank and authorized lender of the Small Business Administration (SBA) to deliver billions of dollars of Paycheck Protection Program (PPP) loans to American main-street businesses.* With an announcement from the bank forthcoming, this makes Kabbage the first FinTech using automation to enable tens of thousands of small businesses to submit PPP applications in minutes.
With over 10 years of specializing in analyzing, verifying and approving high volumes of small business lending applications, Kabbage restructured its technology in less than one week to allow any U.S. small business to apply for financial relief appropriated in the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Kabbage’s program has received over 37,000 PPP applications, representing more than $3.5 billion in requested funds.
“The smallest businesses in America are always the hardest hit, the most vulnerable and the most in need when a crisis strikes, and together with our bank partner, we are working tirelessly to support them,” said Kabbage CEO Rob Frohwein. “We have the technology to respond to this national crisis and provide equal opportunity to the millions of business owners seeking relief.”
The PPP program is yet another way Kabbage has acted quickly to leverage its technology to aid small businesses during the coronavirus crisis. In three days, Kabbage built and launched www.helpsmallbusiness.com to allow small businesses to generate more revenue by selling online gift certificates. Businesses can now also list their company on Facebook to reach those in their community.
Kabbage, Inc., headquartered in Atlanta, is a data and technology company providing small businesses cash flow solutions. To date, Kabbage has provided more than 225,000 U.S. small businesses access to over $9.5 billion of working capital. Kabbage is funded and backed by leading investors, including the SoftBank Vision Fund, BlueRun Ventures, Mohr Davidow Ventures, and others. Kabbage Payments, LLC, a subsidiary of Kabbage, Inc., is a registered Payment Service Provider/Payment Facilitator sponsored by Fifth ThirdBank, N.A., Cincinnati, OH. For more information, please visit www.kabbage.com.
*At this time, Kabbage is offering Paycheck Protection Program (PPP) loans on behalf of one or more approved Small Business Administration (SBA) lenders. Loan agreements will identify the lender to small businesses at signing, and any loan made under the Program must also be submitted to and approved by the SBA. Kabbage does not guarantee that applications will be processed and submitted before SBA funding is no longer available. There is no cost to you to apply for a Program loan. Applying with Kabbage does not limit you from applying with other lenders and/or platforms.