Kabbage from American Express, providers of cash flow solutions for small businesses, has launched a new platform that offers small businesses flexible lines of credit.
Kabbage Small Business Line of Credit
Known as Kabbage Funding, the offering expands Kabbage’s digital cash flow platform for small businesses.
Eligible applicants can receive funding of between $1,000 and $150,000. The flexible form of funding mean small businesses can apply within minutes to access working capital 24/7.
The many challenges the COVID-19 pandemic has thrown up has meant it is more vital than ever that small businesses have access to funding quickly and efficiently. With a healthy cash flow, businesses of almost all sectors can concentrate on running their business, making investments such as in marketing and training, and ultimately growing their business.
By being able to apply for a flexible form of funding quickly, Kabbage Funding can help businesses get on with what they do best – run their own business. As Rob Frohwein, Co-Founder and Senior Vice President at American Express, comments: “Most small business owners start a company to pursue a passion, not to spend time managing their cash flow and balancing their books.
“Our suite of digital cash flow solutions is designed to give small business owners back time in their day, and Kabbage Funding offers convenient funding whenever they need it,” Frohwein added.
Cash Flow Management Tools
With the backing of American Express, Kabbage Funding provides eligible small businesses with a broad range of cash flow management tools. This business line of credit approves customers by analyzing their business data in real-time.
Kabbage Funding is the latest in a suite of products launched by Kabbage, including Kabbage Checking which was launch in June 2021.
American Express is also offering Kabbage Payment, which aims to simplify the process of enabling small businesses to accept card payments and get paid quickly.
Access Working Capital
Void of application fees, origination fees, annual fees, or monthly maintenance fees, Kabbage Funding is designed to provide a simple and cost-effective way to provide small businesses with the working capital they need.
Small businesses can apply for Kabbage Funding by connecting their business accounts online to analyze their business information in real-time.
Eligible businesses have the option of taking 6, 12 or 18-month loans. To meet the criteria for funding, small businesses must have been in business for at least one year.