Kabbage, a data and technology company providing small business cash-flow solutions, has partnered with a technology-enabled bank and authorized lender of the Small Business Administration (SBA) to deliver billions of dollars of Paycheck Protection Program (PPP) loans to American main-street businesses.With an announcement from the bank forthcoming, this makes Kabbage the first FinTech using automation to enable tens of thousands of small businesses to submit PPP applications in minutes.
“We have the technology to respond to this national crisis and provide equal opportunity to the millions of business owners seeking relief.”
With over 10 years of specializing in analyzing, verifying and approving high volumes of small business lending applications, Kabbage restructured its technology in less than one week to allow any U.S. small business to apply for financial relief appropriated in the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Kabbage’s program has received over 37,000 PPP applications, representing more than $3.5 billion in requested funds.
“The smallest businesses in America are always the hardest hit, the most vulnerable and the most in need when a crisis strikes, and together with our bank partner, we are working tirelessly to support them,” said Kabbage CEO Rob Frohwein. “We have the technology to respond to this national crisis and provide equal opportunity to the millions of business owners seeking relief.”