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Kabbage Partners with OnDeck and CAN Capital to Promote Industry Transparency for Small Business Borrowers

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Kabbage is laser focused on delivering a personalized, “automagic” experience to our small business customers using capital to grow their business. We believe small business owners deserve clear and easily accessible financing information to make informed borrowing decisions. Kabbage recognizes that customers make smarter choices when the lending process is simple and transparent.

In the spirit of industry leading customer experiences, Kabbage has engaged our online lending peers to address transparency challenges head-on. Today, in partnership with OnDeck and CAN Capital, we are thrilled to co-launch the Innovative Lending Platform Association, and the SMART Box initiative to advance small business online lending education and transparency. Together, we are the nation’s largest online small business lending platforms, responsible for more than $12 billion in funding in the United States. For the first time ever, all small business lenders will have the opportunity to openly collaborate on small business lending pricing and fee disclosures.

The Association’s primary mission is ensuring small business owners can fully assess and compare the broad range of lending options currently available. The Association’s SMART (Straightforward Metrics Around Rate and Total Cost) Box initiative presents small businesses with pricing comparison tools and explanations to help borrowers make an apples-to-apples comparison for different lending and growth decisions. Beginning today, the initiative is open to all small business lenders and stakeholders to engage on the SMART Box metrics. Together, we can ensure small business owners are empowered with the tools, resources and insights to better grow their business.

At Kabbage, we believe small businesses deserve fair, transparent, and simplified ways to access the capital they need to help with hiring, purchasing tools and equipment, marketing expenses, and much more. We are thrilled to take our commitment to our customers to the next level by establishing a clear methodology for how fees are calculated and communicated to borrowers with like-minded companies committed to supporting America’s vibrant and growing small business ecosystem.

To learn more about how Kabbage can help grow your business, visit: www.kabbage.com.

To learn more about the Innovative Lending Association, visit www.innovativelending.org.

 

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