Marks First Partnership with a Leading Online Lender for Small Business
Washington, D.C and Atlanta – March 30, 2016 – The National Federation of Independent Business (NFIB), the leading small business association, announced a new strategic partnership with Kabbage Inc., the leading technology and data platform powering small business lending. This is the first partnership with an automated lending platform provider that will reach NFIB’s customer base of more than 325,000 members, and growing.
“Many of our members – like a number of small businesses – struggle with the standard loan process when they need access to working capital,” said Mark Garzone, NFIB’s Senior Vice President of Marketing. “Kabbage has helped more than 100,000 small businesses get much needed financing, and we’re excited that we can help connect our members with Kabbage.”
Kabbage combines superior customer service with an easy-to-use interface, and has transformed the way small businesses can qualify for immediate access to capital. Through its fully automated platform for analyzing and monitoring key business data, Kabbage has helped thousands of business owners obtain the funding they need to grow their business – from tool and equipment purchases to support for marketing expenses and payroll – with a line of credit of up to $100,000.
“Our goal is to empower every small business to do more through Kabbage’s flexible lending platform,” said Kathryn Petralia, co-founder and COO at Kabbage. “We’re proud to work with NFIB to help its core member base succeed by making it simpler to access the capital they need to grow, and with the best-in-class customer service experience available today from any online lender.”
Small businesses typically seek loans for less than $250,000, but applying for those smaller amounts makes it less likely they can get a loan from a traditional lender. Lack of access to working capital is even worse for those who have been in business for less than two years. Small business owners are already overworked, and the time consuming process of seeking financing is an additional burden. According to a Federal Reserve study, the average small business loan applicant spends 26 hours searching for credit, contacts 2.7 financial institutions and fills out 2.7 loan applications.
As an added benefit to this partnership, NFIB members who qualify for a business line of credit with Kabbage will receive a $200 Amazon e-gift card.
According to one poll reported in the Wall Street Journal, 62% of small businesses seeking financing have had to postpone business investments because they could not get a loan.
“Access to working capital for an expansion, repairs or short-term cash flow needs is essential for small businesses to thrive,” Garzone said. “We know that our members will benefit from this valuable resource.”
For more information, visit NFIB.com/kabbage
NFIB is the nation’s leading small business association, with offices in Washington, DC, and all 50 state capitals. Founded in 1943 as a nonprofit, nonpartisan organization, NFIB gives small and independent business owners a voice in shaping the public policy issues that affect their business. NFIB’s powerful network of grassroots activists sends their views directly to state and federal lawmakers through a unique member-only ballot, thus playing a critical role in supporting America’s free enterprise system. NFIB’s mission is to promote and protect the right of members to own, operate and grow their businesses. For more information visit NFIB.com and follow NFIB on Facebook and Twitter.
About Kabbage, Inc.:
Kabbage Inc., headquartered in Atlanta, has pioneered the first financial services data and technology platform to provide fully automated funding to small businesses in minutes. Kabbage leverages data generated through business activity such as accounting data, online sales, shipping and dozens of other sources to understand performance and deliver fast, flexible funding in real time. Kabbage is funded and backed by Reverence Capital Partners, SoftBank Capital, Thomvest Ventures, Mohr Davidow Ventures, BlueRun Ventures, the UPS Strategic Enterprise Fund, ING, Santander InnoVentures, Scotiabank, TCW/Craton and additional investors, including Ron Conway’s SV Angel, David Bonderman, founder of TPG Capital, and Warren Stephens, CEO of Stephen Inc. All Kabbage and Karrot U.S.-based loans are made by Celtic Bank, a Utah-Chartered Industrial Bank, Member FDIC. For more information, please visit http://www.kabbage.com and follow the company on Facebook and Twitter.