Over 110,000 Small Businesses Approved to Receive More Than $3.5 Billion in PPP Funding Through Kabbage
As an SBA-approved lender serving small businesses with or without a pre-existing relationship, Kabbage continues to see high demand from businesses with five or fewer employees.
ATLANTA, May 18, 2020 /PRNewswire-PRWeb/ -- Kabbage, Inc, a data and technology company providing small business cash flow solutions, reports it has received SBA approval to fund over 110,000 Paycheck Protection Program (PPP) applications, surpassing $3.5 billion. With a focus on serving America's smallest businesses, Kabbage's efforts represent over half a million jobs restored to Main Street companies in the United States.
As an SBA-approved lender serving small businesses with or without a pre-existing relationship, Kabbage continues to see high demand from businesses with five or fewer employees. To-date, independent contractors, sole proprietors and single-member LLCs represent approximately 40 percent of all PPP applications approved through Kabbage, for over $500 million. The average loan size of Kabbage's approved applications is $31,500 with a median of $14,000.
"Helping to restore over 500,000 jobs has been the greatest privilege to date for me, my co-founder and the entire Kabbage team," said Kabbage co-founder and CEO Rob Frohwein. "In a matter of weeks, we will disburse more dollars to small businesses than we did in all of 2019, serve more new customers than our last two years combined, and process over 40 percent of the average PPP application volume of the largest three banks in the country. Our technology platform allowed us to reach these milestones with a fraction of the resources accessible to lenders with trillions of dollars in assets, once again demonstrating the power of FinTech."
With more than $100 billion still left in the program, Kabbage intends to serve thousands of more businesses in all 50 U.S. states seeking PPP funding. Its automated technology allows it to review, submit and receive SBA approval for most eligible PPP applications in fewer than 24 hours. To apply for a PPP loan through Kabbage, please visit http://www.kabbage.com.
About Kabbage
Kabbage, Inc., headquartered in Atlanta, is a data and technology company providing
small businesses cash flow solutions. Its suite of products includes Kabbage PaymentsTM, helping small businesses get paid and access the money they earn faster; and Kabbage InsightsTM, calculating small businesses' real-time cash flow. In response to COVID-19, the company launched http://www.helpsmallbusiness.com to help small businesses generate more revenue by selling online gift certificates. 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 http://www.kabbage.com.
SOURCE Kabbage
