Kabbage Extends Credit Lines to $250,000
Kabbage, the online business lender, is now offering credit lines of up to $250,000, which it says is the largest credit line available from any online lender and will allow the company to expand its customer base to serve larger companies.
“Increasing our lines of credit to $250,000 significantly enhances our ability to solve financial hurdles for larger and more specialized businesses,” said Bob Sharpe, COO of Kabbage.
The company finished 2017 having crossed the $4 billion threshold for loans issued to more than 130,000 small businesses. And its Chief Revenue Officer, Victoria Treyger, told deBanked back in December that loans were getting larger.
“Our lines of credit and amounts taken continue to increase as we begin serving more and larger small businesses,” she said. “We see great momentum across all industries in all 50 U.S. states.”
Back in September, the Atlanta-based company received an investment of $250 million from Japanese telecommunications company, SoftBank, and the company has been thriving.
By the end of last year, it had lent a total of $4 billion since it was founded in 2009. According to American Banker, Kabbage worked with its banking partner, Salt Lake City-based Celtic Bank, to develop the larger line of credit.
Kathryn Petralia, Kabbage’s president and co-founder, is excited about this new development.
“[This] helps us close the capital gap that businesses encounter today,” she told American Banker. “It allows us to better the customers we have who qualify for more credit.Last modified: February 2, 2018
Todd Stone was a reporter for deBanked.