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U.S. small businesses can apply in minutes for flexible lines of credit between $1,000 and $150,000
American Express pushes further beyond the Card as it expands its digital cash flow platform for small businesses
NEW YORK, December 08, 2021--(BUSINESS WIRE)--Kabbage from American Express today launched Kabbage Funding, offering eligible small businesses flexible lines of credit between $1,000 and $150,000—now with the powerful backing of American Express. With Kabbage Funding, small businesses can apply in minutes to access working capital 24/7 to help manage their company’s cash flow.
"Most small business owners start a company to pursue a passion, not to spend time managing their cash flow and balancing their books," said Kabbage Co-founder and Senior Vice President at American Express, Rob Frohwein. "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."
The launch of Kabbage Funding builds on American Express’s momentum to go beyond the Card and become an essential partner to small businesses through a broad range of cash flow management tools. Kabbage Funding is a business line of credit offered by American Express that approves customers by analyzing their business data in real-time, and adds to its new suite of products, including Kabbage Checking™ launched in June 2021. Building on its efforts, American Express has also begun offering Kabbage Payments™ to eligible existing customers, which will be more broadly available in 2022, and makes it simple for small businesses to accept card payments and get paid quickly.
American Express’s products from Kabbage are designed to work together. When connected to its digital cash flow platform, the tools are built to help small businesses borrow funds, make deposits, earn 1.1% APY1 on checking balances up to $100,000, pay vendors, and streamline cash-flow management—all at their fingertips from a single provider.
Now available to eligible U.S. small businesses to apply online, Kabbage Funding helps simplify the process of seeking working capital and has:
No application fees
No origination fees
No annual fees
No monthly maintenance fees
How small businesses can apply
U.S. small businesses can apply in minutes for Kabbage Funding by connecting their business accounts online to analyze their business information in real time. Persistent data connectivity helps Kabbage continuously review a customer’s eligibility and ensure they have the right amount of funding available to them at the right time, based on their latest business performance.
Once approved, small businesses do not need to reapply to access their line of credit, nor ask for approval to draw funds. Eligible customers may have the option to choose between a 6, 12, and 18-month loan term, can take out more than one loan at a time, and do this as often as they need up to their approved amount. The result is a funding solution designed to let small businesses quickly access the exact amount of funding they need, whenever they need it, 24/7, and only pay for the funds they borrow with no pre-payment penalties if they choose to pay back the loan early.
To be eligible to apply, U.S. small businesses must be in business for at least one year. Small businesses may learn more about Kabbage Funding and apply either at www.kabbage.com/funding or via the Kabbage mobile app available in the App Store® and Google Play™. All Kabbage Funding loans are issued by American Express National Bank.
Kabbage from American Express, is a data and technology company providing small businesses access to cash flow solutions, including Kabbage Funding™, for flexible lines of credit between $1,000 and $150,000; Kabbage Checking™, offering online business checking accounts; and Kabbage Payments™, offering invoicing and card payment acceptance solutions. For complete product details and disclosures, please visit www.kabbage.com.
© 2021 American Express. All rights reserved. Kabbage Checking™, Kabbage Funding™, Kabbage Payments™ and Kabbage Insights™ are trademarks of American Express.
1The annual percentage yield ("APY") is accurate as of 12/1/21 and may change at our discretion at any time. The APY is applied on account balances in your primary Kabbage Checking account and each associated Reserve, up to $100,000 in the aggregate. No interest is earned on aggregate balances of over $100,000. The average daily balance method is used to calculate interest.
Kabbage Checking is provided by Green Dot Bank, Member FDIC. For full terms and conditions, visit: www.kabbage.com/checking.
Kabbage Payments, LLC is a registered Payment Service Provider/Payment Facilitator sponsored by Fifth Third Bank, N.A., Cincinnati, OH. For full terms and conditions, visit: www.kabbage.com/payments.
The App Store is a registered trademark of Apple Inc. Google Play is a trademark of Google Inc.
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