Kabbage Received Approval For Over 110,000 PPP Loans to Help Small Businesses
Kabbage reports it has received SBA approval to fund over 110,000 Paycheck Protection Program (PPP) applications, surpassing $3.5 billion.
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With a focus on serving America’s smallest businesses, Kabbage’s efforts represent over half a million jobs restored to Main Street companies in the United States.
As an SBA-approved lender serving small businesses with or without a pre-existing relationship, Kabbage continues to see high demand from businesses with five or fewer employees.
To date, independent contractors, sole proprietors and single-member LLCs represent approximately 40 percent of all PPP applications approved through Kabbage for over $500 million. The average loan size of Kabbage’s approved applications is $31,500, with a median of $14,000.
“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.”Kabbage co-founder and CEO Rob Frohwein
With more than $100 billion still left in the program, Kabbage intends to serve thousands of more businesses in all 50 U.S. states seeking PPP funding.
Its automated technology allows it to review, submit and receive SBA approval for most eligible PPP applications in fewer than 24 hours.
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Editorial Note: This post is from a Company Press Release and may have been modified for clarity.