Kabbage, a data and technology company providing small business (SMB) cash flow solutions has reported that the FinTech received Small Business Administration (“SBA”) approval to fund over 110,000 Paycheck Protection Program (PPP) applications, surpassing $3.5 billion.
The new announcement represents over half a million jobs restored to Main Street companies in the United States. Kabbage is offering PPP loans directly as an approved U.S. SBA lender and on behalf of one or more approved lenders. It serves SMBs with or without a pre-existing relationship and is continuously seeing high demand from businesses with five or fewer employees.
Till now, Independent contractors, sole proprietors and single-member LLCs represent approximately 40 percent of all PPP applications approved through Kabbage, for over $500 mn. 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,” said Kabbage co-founder and CEO Rob Frohwein.