GoDaddy, the company that focuses on development and empowerment of small business, has announced its collaboration with Kabbage, Inc., a data and technology company that provides loan to small business.
The strategic partnership will ensure that GoDaddy’s customers in the U.S. can access Kabbage’s online lending packages.
After undergoing a simple application procedure via Kabbage, GoDaddy customers will be able to get a flexible loan up to $250,000 within few minutes after approval. The extra cash flow will make it possible for GoDaddy customers to procure additional tools or raw materials, staff up for the hectic holiday period, use it to initiate digital marketing for the business etc.
Both companies affirmed that there is no application charges to access the loan via Kabbage. Customers will not be penalized for failure to withdraw the approved funds (which will anyway remain in the customer’s account); hence, payment will only start when the funds are accessed. Furthermore, existing GoDaddy customers will get $100 off their first month’s fee.
Aside from the partnership announcement, GoDaddy also releases the result of the survey they did on 500 entrepreneurs, to see how they were able to overcome the issues they faced while growing their business. Sixty percent of those surveyed claims to have increased in their income after they invested in online adverts, while 43 percent affirmed that owning a website is an excellent digital tool to grow a business.
Fifty percent of the entrepreneurs claim that access to funds is a significant hindrance to growing their business’s online presence.