Kabbage recently analyzed the lending behavior of nearly 150,000 small businesses, uncovering an increasing growth of mobile lending. The total number of loans accessed through mobile increased by more than 360 percent between April 2014 and February 2018. In the same period, the total dollars accessed through mobile increased over 1,220 percent.
The growth demonstrates a new trend that small business owners expect a simple, no-wait process to apply for and access working capital. Today, 17 percent of all small business loans and nearly 15 percent of total dollars accessed via Kabbage are through mobile. At this rate, Kabbage predicts one of every five dollars funded to small businesses will be through a mobile device by the end of 2018.
As small business owners change the way they conduct business, operating more on-the-go and via their mobile devices, lending is changing as well.
“I run my entire company from my phone. It’s how business works today, and I can no longer afford to be stuck in one place handling one issue at a time,” said small business owner, Kevin Hennessey, President of Brabo Payroll in Plymouth, Massachusetts. “The ability to access capital through Kabbage’s mobile app whenever and wherever I am has saved me innumerable hours of paperwork and, frankly, makes the most sense. My numbers are good. I know my numbers are good. They should be all a lender needs to see my business is worthy of funding – not all the traditional paperwork and delay.”
Learn more ways small businesses can expand their operations by adopting mobile to boost customers and drive more loyalty.