Interesting Business Ideas - Offbeat Businesses

Kabbage is trying to help small businesses in an area that has long been one of their biggest areas of need. In particular, Kabbage is helping online-based small and medium- size business obtain the funding they need to conduct their business activities.

The best part is that approval can happen in as little as 10 minutes.

“We are asked this question frequently — why did we start Kabbage?" Kathryn Petralia, co-founder of Kabbage, said. "Frankly, there has never been a good time for small businesses to obtain access to working capital. A small business seeking less than $100,000 has never had an easy time obtaining it from a traditional lender. As e-commerce continues to rise, these small businesses that sell online face increasingly difficult times getting the capital they need to grow."

Small businesses can apply with Kabbage online and receive a decision, often within 10 minutes. Businesses are charged a small percentage of the funds they borrow from Kabbage until the money has been paid back. For businesses that have a hard time obtaining capital, the service can be a lifeline.

"We believe it's better to be lucky than smart, and we have entered this market at precisely the right time to leverage new technologies to improve the lives of small businesses everywhere, and help them grow to support our economy," Petralia said. "Small and medium businesses account for at least half of our GDP, and Kabbage wants to be there to support them."

[7 Ways to Finance a Small Business]

Reach BusinessNewsDaily staff writer David Mielach at Dmielach@techmedianetwork.com. Follow him on Twitter @D_M89.


Category: Business ideas

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