Today is a pivotal day for Kabbage and for small businesses as we significantly expand the availability of funding to tens of millions of small businesses, regardless of their business type or where they operate.
Atlanta, GA (PRWEB) February 04, 2014
Whether you run a limo service, restaurant, beauty salon, or advertising agency, Kabbage now provides you with access to funding in minutes without the hassle of lengthy applications.
Kabbage, Inc., the leading online provider of working capital for small businesses, announced that it has expanded its innovative underwriting data platform to now serve all small businesses, regardless of their business type or location, including online, brick-and-mortar, and services businesses. Kabbage is the first and only company in Financial Services to provide automatic, real-time underwriting to tens of thousands of businesses. Now any business can get access to Kabbage funding in as little as 7 minutes.
As part of this expansion, Kabbage has raised its working capital lines from a maximum of $50,000 to $100,000. The company has also re-launched its website with new functionality including a community center with tips and videos focused on helping businesses grow and prosper.
Now Serving All Businesses
Kabbage first revolutionized funding for online retailers when it launched in May 2011. The company enabled businesses to leverage the power of their own ecommerce data to get funds within minutes, instead of weeks. Now the company has expanded its underwriting platform with additional data sources so that any business can simply link its business accounts to Kabbage and receive access to funds in minutes.
“When we launched Kabbage, our vision was to make the funding process simple, automated, and accessible to every small business,” said Kathryn Petralia, Kabbage, Co-Founder and COO. “Today is a pivotal day for Kabbage and for small businesses as we significantly expand the availability of funding to tens of millions of small businesses, regardless of their business type or where they operate.”
A furniture and mattress business has already weathered the storm using Kabbage’s expanded underwriting platform:
“We help entrepreneurs start local furniture and mattress businesses,” said Larry Kozin, founder of iDeal Furniture based in Henderson, Nevada. “Although we cracked one million in our first year of sales, December is always a challenging month for us. While our bankers would not even give us the time of day, Kabbage was there with a $30,000 line of credit based on our business performance data. This helped us get through the winter and now business is thriving again. It’s good to know that Kabbage has our backs when we need them.”
To learn more, go to: http://www.Kabbage.com.
Kabbage, Inc., headquartered in Atlanta, has pioneered the first financial services data and technology platform to provide small businesses financing in fewer than 7 minutes. Kabbage leverages data generated through business activity such as online sales, shipping, and dozens of other sources to understand performance and deliver fast, flexible funding in real time. Kabbage is venture funded and backed by Thomvest Ventures, Mohr Davidow Ventures, BlueRun Ventures, the UPS Strategic Enterprise Fund, with additional investors including: Ron Conway’s SV Angel, David Bonderman, founder of TPG Capital, Warren Stephens, CEO of Stephens Inc., Western Technology Investment, H. Barton Asset Management, and TriplePoint Ventures. For more information, please visit http://www.kabbage.com and follow the company on Facebook and Twitter.