GoDaddy Inc. (NYSE: GDDY), the company that empowers everyday entrepreneurs, today announced its strategic partnership with Kabbage, Inc., a data and technology company providing small businesses cash flow solutions. Kabbage’s online lending platform is now available to GoDaddy’s U.S. customers so they can easily access a business line of credit in minutes to manage and grow their businesses.
By completing a simple application process from Kabbage, customers can quickly access flexible lines of credit of up to $250,000 in minutes if approved. With increased financial capacity, GoDaddy customers can access the extra cash flow to staff up for the busy holiday season, purchase additional inventory or equipment, apply it toward digital marketing initiatives, or other strategic investments to support their ventures.
“Working every day with our small business customers has made us intimately familiar with what our customers are doing to successfully grow their business, as well as common challenges,” said Melissa Schneider, GoDaddy’s vice president of global marketing operations. “We know that a lack of capital for marketing and other core activities remains a major roadblock to accelerate growth. Our partnership with Kabbage is key in our ongoing mission to empower our customers and provide them with the resources they need to fuel their business needs.”
GoDaddy and Kabbage surveyed over 500 entrepreneurs to gain a deeper understanding of how small business owners overcome obstacles in growing their business. Most impressively, 60 percent of respondents experienced an increase in revenues after investing in online advertising. Other notable findings include:
- Having a website for their business is the most helpful digital tool for growing and expanding (43 percent), followed by social media marketing (35 percent).
- As a result of investing in online advertising, 44 percent of respondents reported an uplift in sales as high as 25 percent.
- When asked about roadblocks to growing their company’s digital presence or online advertising, close to 50 percent chose a lack of money as the most significant impediment.
No fees are required to apply for Kabbage Funding through GoDaddy. Moreover, qualified small business owners are not obligated to make withdrawals, meaning their line of credit will be there when they need it and they won’t pay anything until they access funds. As a special courtesy to existing GoDaddy customers, small business owners can take advantage of $100 off their first month’s fees. This hassle-free approach to lending allows small businesses the flexibility to seamlessly manage their cash flow along with their other services from GoDaddy.
“Our customer base of over 200,000 small businesses across the U.S. understands the value of accessing the exact amount of funding they need when they need it,” said Kabbage CRO Laura Goldberg. “Our customers tell us all the time that flexible funding is critical to grow and run their business; new opportunities make it important to be able to access capital quickly whether for online marketing, inventory or purchasing new equipment. They simply can’t afford to wait weeks or months for a loan approval. With GoDaddy, we pair the best of both worlds so more small businesses have a competitive advantage to quickly deploy and fund marketing initiatives so they may capitalize on opportunities.”
