Kabbage® from American Express Launches Kabbage Funding™ to Help Simplify Funding for U.S. Small Businesses
December 08 2021 - 8:13AM
Business Wire
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
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.
About Kabbage:
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.
Location: U.S.
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American Express Paul Bernardini paul.bernardini@aexp.com
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