It can be awkward to mix familial and business relationships. The SBA will forgive the portion of the loan used for payroll, rent, mortgage interest or utility payments for up to 24 weeks after the loan is issued. Loan application with a bank or credit union is time-consuming. All of these registered trade names are used by, and refer to, a single FDIC-insured bank, Green Dot Bank. Access a suite of solutions built to simplify your small business cash flow Green Dot is a registered trademark of Green Dot Corporation. If you need to raise capital, there are a variety of financing options, including borrowing money from friends, peer-to-peer lending, taking out a personal loan, working with an equity partner or taking out a small business loan. The lender will require borrowers to provide extensive documentation in the loan package, including: The following assets can be used as collateral for an SBA loan guaranty: Once your loan package is complete, your lender will submit it to SBA for review. PPP and Kabbage Funding loans outstanding as of October 16, 2020, are now managed through a new K Servicing site. Kabbage will work with an “ authorized bank “to deliver billions in SBA loans to small businesses. Learn more PPP and Kabbage Funding loans outstanding as of October 16, 2020, are now managed through a new K Servicing site. The working capital you receive can be used to meet a variety of business needs.However, the SBA loan program requires extensive time and documentation to receive approval. You'll have the security of a line of credit you can use whenever you need it, wherever you are. Kabbage uses advanced security to protect applicants’ information. Results have been varied with local and big banks. SBA loans taken through the Paycheck Protection Program (PPP), including loan forgiveness. Let us be your preferred lender. Our comprehensive data gathering process allows us to offer small business funding to all types of business owners. We appreciate your interest in the SBA. Our small business loan application process can be done in minutes from your computer or phone, and there is no cost involved. While many large banks closed their PPP applications in May, we kept processing applications through the © Green Dot Corporation. If the funds are used appropriately, business owners can apply for full loan forgiveness to have the entire amount of the loan forgiven. If you have outstanding loans as of October 16, 2020, log into K Servicing using your current Kabbage username and password to manage: Kabbage’s pre-existing loan portfolio was not included in the acquisition. The loan application is quick and straightforward to get you the funding you need. Minority businesses have typically been underserved when it comes to small business financing. Banking services are provided by and Kabbage Debit Mastercard® is issued by Green Dot Bank, Member FDIC, pursuant to a license from Mastercard International. Kabbage now has SBA approval for 129,000 applications for nearly $4 billion. An unsecured loan from Kabbage Funding offers quick, straightforward access to funding to grow your small business. Green Dot Bank operates under the following registered trade names: GoBank, Green Dot Bank and Bonneville Bank. In addition to the time needed to track down statements for everything from your personal credit, and financial statements to your loan application history, the application and approval process can take up to three months.Whether you need short-term loans or long-term financing, online lenders like Kabbage can be a better option to get working capital fast. 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