After pausing new lending in March Kabbage pivoted to focus on the Paycheck Protection Program and in doing so has become one of the largest lenders in the country; the company has processed more than 130,000 loans, mostly to businesses with five or fewer employees; their average loan size is $29,000 compared with the program’s average of $113,000; more than 90% of the applications they processed for self-employed businesses were automated and many applicants received SBA approval the same day; earlier this week the company launched a PPP application just for Uber drivers to make the process easier for them; CEO Rob Frohwein said, “The gratitude we’ve received from customers we helped is kind of overwhelming. We think a large number will work with us on a go-forward basis.” CNBC
