Kabbage is fast and simple way for small businesses to avail a maximum loan up to $100,000. “Customers can sign up for free in Kabbage and their information is undoubtedly kept safe and secure,” says Rob Frohwein, CEO of Kabbage. While banks require multipage documents, tax records and collateral to provide loans, Kabbage funds customers in no time by just linking their existing business accounts. The company not only looks into customer’s credit score but also their real time business data through its Data Context Engine. It connects to the data sources these businesses use every day such as e-retailers shipping, accounting, social media and others. After Kabbage processes data, customers will know how much they are qualified in bagging the loan. The customer at anytime can return to the dashboard, and link more business services to potentially qualify for an even larger funds. Kabbage not only reviews an applicant's qualification at the point of application, but also monitors each customer's financial health 24/7 mitigating risk and constantly delivering the right funding at the right time.
Kabbage, till now has funded over $1 billion to businesses helping them grow
Kabbage funds can be used to buy inventory, invest in equipments, higher staff or boosting marketing or anything else that business needs. Kabbage offers six and twelve month terms with simple monthly payments that a customer can pay early and safe to grow their business with ongoing access to their Kabbage funds. “The businesses have extra capital ready every time for anything they need to grow,” extols Frohwein.
“Kabbage, till now has funded over $1 billion to businesses helping them grow,” remarks Frohwein. In one instance a car service station, Real Auto Dynamics that specializes in aftermarket high performance upgrades, turbo work, engine boards got hit by Hurricane Sandy in 2012 and lost everything overnight. The service station tried applying for a small business loan through many banks, but ended up getting denied. Kabbage not only provided them with funds but also helped in gaining leverage against their competitors to keep up with the demands in the business.
Kabbage is currently focusing on providing funds to the Small and Medium-sized Business (SMB) sector. On the road ahead the company looks forward to continue helping lenders to reduce risk while making the lives of every customer dramatically easier by utilizing the power of data.