Small business funding takes only about 30 seconds thanks to Kabbage, a new venture that can grant you funds for up to $100,000.
Your small business is running great and you have great plans for the future. But the very thought of going to a bank and ‘begging’ them to give you a loan depresses you. I mean banks require a lot of things before granting even a small fund. They need a lot of paperwork, continuous to and fro meetings, and most importantly, your credit score, which personally may not be that great but your business is running so well that it doesn’t matter. Many banks shut the door the minute they see a bad credit score; it doesn’t matter how well your business is doing. How nice would it be, if we could get a small business funding for showing the success of our business rather than the whole messy paperwork and what not? Well, with Kabbage, it is possible.
Kabbage focuses on small business funding without going through the hassle of banks. Kabbage can grant a small business funding for up to $100,000, which is quite a lot. But what does Kabbage require? All you need to do is link your business’s online services with your Kabbage account and you can instantly see how much loan you qualify for. Not just that, once you are ok with the score, you can withdraw the cash immediately (only once a day though). Kabbage looks at real-time business data to provide you with small business funding and not your credit score.
So how does this small business funding work?
All you need to do is create a free account with Kabbage and link your business’s online services like your Paypal account or your business checking account and wait for the estimate. Kabbage analyses your data and shows you how much money you have been approved for. Once that is done, all you need to do is take it or leave it. All this is done for free; you won’t be charged till you actually withdraw the money. Everything is done online; you don’t need to be physical present anywhere except your computer.
You can repay the loan in 6 months or 12 months and you won’t be charged for pre-closure too. The Kabbage fees for a small business funding ranges from 1.5%-12% and you pay 1/6th or 1/12th of the loan amount plus the fee, every month. The best part about this is that you can pay early and save too! So, if you take a loan for $10,000 for example, you need to pay back $11,200 at the end of 6 months (it may vary according to the fees and amount).
Kabbage’s small business funding idea is a boon for small business owners. It is like making an online purchase, except that you get a loan that easily. The minimum requirement they ask for is that you are in business for one year or more and have over $50,000 a year in revenue. If your business is really doing great, it is a lot comfortable to get a small business funding through Kabbage than waste your precious time and resources, queued up at the bank!
Check out Kabbage: https://www.kabbage.com/