Kabbage shared today that over 110,000 small businesses have been approved through their platform totaling $3.5 billion; Kabbage is an SBA-approved lender that has been open to serving small businesses that didn’t already have a relationship with Kabbage; they continue to see demand from the smallest small businesses, those that have five or fewer employees; independent contractors, sole proprietors and single member LLCs represent about 40% of applications that Kabbage has approved; Kabbage’s average loan size is $31,500 with a median of $14,000; CEO Rob Frohwein provided this statement, “Helping to restore over 500,000 jobs has been the greatest privilege to date for me, my co-founder and the entire Kabbage team…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.” Cision PRWeb
