About Kabbage Inc.
Kabbage Inc. is an online financial technology and data company that provides funding to small businesses and consumers through an automated lending program. The company has its base in Atlanta, Georgia, US, and is a privately held company that has around 500 employees. Kabbage Inc was the brainchild of Kathryn Petralia, Marc Gorlin, and Rob Frohwein in 2009. In 2013, the company expanded internationally by entering the UK.
Kabbage Funding, Kabbage Payments, and Kabbage Insight are trademarks of the company. Kabbage Funding is working under license and provides a way for businesses to get a loan and repay for up to 18 months.
What are the Payment Methods at Kabbage?
Customers can send/receive invoices and process client card payments using Kabbage Payments. A custom pay link, online no fee invoicing, next day deposits are included in Kabbage Payments. Kabbage Insight is a free, fully automated tool to calculate and predict cash-flow patterns for small businesses.
How is Kabbage Achieving its Spectacular Growth?
Kabbage was featured as one of Forbes magazine’s Most Promising Companies in 2015. During May 2015, Kabbage announced a new Kabbage Card, providing businesses with the ability to pay for items at the point of sale (POS) with a purchasing card linked to their Kabbage account. In May 2015, Kabbage joined hands with MasterCard to utilize Kabbage’s data and technology platform available through MasterCard’s network.
In Aug 2015, Kabbage was declared the 36th fastest-growing private company in America on the Inc. 500 list. In 2018, Kabbage was named to Forbes Fintech 50 for the top small business lending platforms, while Kathryn Petralia, President of the company, was declared Fintech woman of the year.
How are Credit Lines Calculated at Kabbage?
Kabbage uses business data such as revenue, accounting data, business transactions, shipping data, social media, and other sources to comprehend a business’s health and calculate its credit lines. The company provides a simple, fast, and automated online application processing system.
How Much Can you Get from Kabbage?
Businesses can get loans for up to $250,000. Presently, Kabbage is offering the Paycheck Protection Program (PPP) loans on behalf of the Small Businesses Administration (SBA). PPP loans are being given to the small businesses to support payroll and certain other expenses that are affected due to COVID-19. Companies that were operational as of 15 Feb 2020, and have less than 500 employees, are eligible to apply. The maximum loan that you can get through PPP is 250 % of the average monthly payroll. However, Kabbage can only process for a loan application up to $ 2 million.
What can You Use Kabbage Loans for?
People can use PPP loans to fund payroll costs, employee salaries, costs related to the continuation of the group’s health care benefits during paid leave, insurance premiums, mortgage interest payments, rent utilities, and interest on any other debt obligation. You can also apply for an Economic Injury Disaster Loan (EIDL) through Kabbage. Businesses can apply for PPP loans by 28 Jun 2020.
Kabbage has limited funds for PPP, and it is on a first-come, first-serve basis. Applying for PPP loans is free, and there is no origination fee for the borrower. There is no requirement of collateral on PPP loans, and the interest rate is fixed at 1%. All repayments of the loan are deferred for ten months after disbursement of the loan. The loan is due to be paid in 5 years; however, early repayment does not involve any penalty or fee.
SBA forgives the portion of the loans utilized for payroll, rent, mortgage interest, or utility payments that extend up to 24 weeks after the payment is issued. The offer is applicable up to 100% of the PPP loan amount provided all employees are kept on payroll by the business.
Kabbage has made it easy for Uber drivers and delivery people to apply online for SBA Paycheck Protection Program loans.
Kabbage is also offering gift certificates to support small businesses. It is to register for this program. You must create a free account through Kabbage Payments, provide your online gift certificate and get your earnings by the end of the day. Kabbage does not charge any fee for this program.
Who is Not Eligible for a Loan at Kabbage?
Kabbage does not provide loans to businesses that are part of the industries, including marijuana, firearms, gambling, financial institutions, lending, or non-profit organizations. Credit lines and pricing of Kabbage are subject to periodic review and alteration from the company. These include line and pricing reductions, line and pricing increases, or line eliminations. Requests made for funding by individuals are processed as separate installment loans.
Learn more about Kabbage
Anyone can reach Kabbage by contacting them through their number 888-986-8263. Alternatively, you can also send your requirement to them through email at [email protected]. The mailing address of the company is “Kabbage, 925B Peachtree Street NE, Suite 1688, Atlanta, GA 30309”.