Kabbage announced on Friday it has teamed up with the Building Trades Employers’ Association (BTEA), to provide access to fast and flexible small business funding for BTEA members through its global financial service platform. According to Kabbage, the collaboration 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.
Kabbage also revealed that through the partnership it will provide BTEA’s 1,300 contractor companies, which includes more than 100 MWBE contractor members, the opportunity to access lines of credit as high as $250,000 and attain greater financial capacity. Speaking about the partnership, BTEA President and CEO Louis J. Coletti, stated:
“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. The 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.”
Kabbage Chief Revenue Officer, Laura Goldberg, went on to add:
“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. 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.”