New York City (May 7, 2019)—Kabbage Inc., a cash-flow technology and automated lending platform for small businesses, has formed a strategic alliance with New York’s largest contractor association, the Building Trades Employers’ Association (BTEA), to provide access to fast and flexible small business funding for BTEA members through the Kabbage platform. The alliance will support women- and minority-owned business enterprise (WMBE) contractors who often have difficulty accessing the funding required to procure contracts for New York’s largest construction projects.
The alliance between BTEA and Kabbage provides BTEA’s 1,300 contractor companies, including more than 100 MWBE contractor members, the opportunity to access lines of credit as high as $250,000 and attain greater financial capacity.
“Forming this alliance with Kabbage will provide real opportunity to give more of our women- and minority-owned members access to funding so they’re well positioned to win contracts,” said BTEA President and Chief Executive Officer Louis J. Coletti. “BTEA has been at the forefront of this issue for years and released a first-of-its-kind capacity study in 2015 that made clear the need to invest more resources into capacity building efforts if we want to reach our aspirational goals.”
“Supporting the BTEA through this alliance allows Kabbage to make a meaningful impact in one of the country’s most critical economies while serving an important mission set forth by the state of New York,” said Kabbage Chief Revenue Officer Laura Goldberg. “Kabbage’s technology removes inherent biases found in traditional lending, as our automated, online approval process doesn’t require business owners to walk into a bank to be assessed for a loan.”
For more information, visit kabbage.com.