Kabbage to help SMEs during coronavirus crisis

Thursday 19 March 2020 14:26 CET | News

Online lender Kabbage has launched, a website designed to support SMEs during the Coronavirus crisis.

This enables people to purchase an online gift certificate, for any amount between USD 15 and USD 500, from participating small businesses to provide them with vital financial support. All revenue from the purchased gift certificates will be deposited via Kabbage Payments to help small businesses to withstand cash-flow gaps caused by COVID-19. 

In effect, consumers will be providing an interest-free loan to these SMEs with payback in product or service.

Since inception, Kabbage has provided approximately 225.000 US small businesses access to USD 9.5 billion of working capital.

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Keywords: Kabbage, SMEs, coronavirus, online lender, payback, cash-flow, online gifts certificate, small businesses
Categories: Banking & Fintech
Countries: United States
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Banking & Fintech

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