Here's why FinTechs are declaring victory in PPP loans:
Managing Scale Is Key
When PPP was launched, it was focused on small businesses with 500 or fewer employees, resulting in a large number of eligible businesses. For small businesses with five or fewer employees, obtaining funding seemed like an impossible task. FinTech, however, really understood their market. Rather than chase the larger customers, they went for the smaller businesses with up to five employees. While this had always been their core customer base, the PPP program provided an opportunity to expand this customer group and to help them keep their businesses alive with PPP loans. In fact, an analysis of Kabbage’s loan portfolio showed that 65% of loans went to self-employed individuals, with a median loan size of $12,600.
In tackling this area of the market, Kabbage recognizes that it is the technology which is in the driver’s seat. In fact, the company found that when trying to help the small business owner, sometimes less is more.
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