Alternative financing — especially for small, minority- and women-owned businesses — are helping small businesses grow.
Target A Large Market With A Big Pain Point
Back in 2008, Kabbage founders saw an opportunity to use AI to make small business lending more efficient and profitable. Banks require that you meet high standards for cash flow, credit score, and collateral. By looking at more types of data, Kabbage is better able to evaluate the health of small businesses and lend to a higher percentage of applicants. For the risk Kabbage takes, it does charge more than a bank.
Federal Reserve Banks. The speed of funding and the chance of being funded were the two most cited reasons for using online lenders. of small business owners spend as much as 20 hours per week on cash flow management
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