Image by Nattanan Kanchanaprat from Pixabay
As the new realities of our coronavirus economy sink in, entrepreneurs struggle as their small businesses seek cash flow.
Kabbage Inc., which helps small businesses with working capital funding, earlier this week launched www.helpsmallbusiness.com. The model is simple, yet potentially powerful, enabling anyone to purchase an online gift certificate from participating small businesses.
Cash Now
The initiative is a way to provide a quick solution for small businesses that seek cash flow. Customers are able to redeem certificates in full after they’re issued or in the future when the crisis has subsided. Kabbage deposits all revenue generated from gift certificate sales via Kabbage Payments as soon as the next business day to participating small businesses.
Participation is Easy
In minutes, any U.S. small business can sign up for free on www.helpsmallbusiness.com to immediately seek financial support through gift certificate purchases from individuals throughout the U.S. Kabbage will also provide businesses a unique URL to easily share their personalized page with customers via text, email, web, social media or print. Consumers can purchase multiple certificates for any amount between $15 and $500. Once customers purchase certificates, Kabbage immediately notifies the small businesses, which can use free technology offered by Kabbage to scan, verify, track and fulfill gift certificates when redeemed.
Together We Stand
“The impact of COVD-19 on small businesses requires the support of a nation,” said Kabbage co-founder and CEO Rob Frohwein. “If there is a local small business that you love, they need your patronage now more than ever. Many businesses are closing and others are seeing reduced demand. The site is a means for the millions of small businesses that employ more than half of all employees in America to continue making sales and to feel your commitment to their long-term success.”
“We encourage everyone to think beyond consumer goods and consider all service providers such as local handymen, lawn care providers, dry cleaners and laundromats; they all need our support,” said Kabbage co-founder and President Kathryn Petralia. “Many weddings, birthdays and vacations are being postponed due to social distancing. Think about the small businesses you would have approached for those activities and purchase certificates to plan for future dates.”
What’s in it for Kabbage?
Kabbage will not profit from its efforts to support small businesses. Kabbage is actively working with organizations in the payments ecosystem to eliminate or significantly reduce any associated transaction fees. Kabbage’s goal is to provide small businesses with a unique solution to generate revenue during this extraordinary time.
Wow this is amazing. Obviously our country (and the whole world) is treading water through financial issues. Just like you said, half of our workers in our country are working for small business owners. They help move our economy forward. While many small business owners are forced to close down due to fear of getting workers sick and what not, it is amazing the Kabbage is doing a non-profit during this time to help out small businesses in our country. I think the certificates is a great way to do this and I hope that this benefits numerous small businesses.
I will say that with all the craziness this pandemic has brought on our nation and world, it has made me grateful to see all of the people and businesses alike that are so quick to look for ways to help others. My hometown has a small shopping square with restaurants and boutiques, and funnily enough the week of spring break before things reached a scarier severity my family and I had chatted with one of the restaurant owners we know and he had mentioned that they were going to try to sell gift cards throughout the pandemic to create cash flow if they had to shut down the restaurant. I love that Kabbage has streamlined this idea into a convenient and easy way to support our local small businesses during this crisis.
This is a pure example of the good that is coming into our society due to the pandemic outbreak. so many non-profits like Kabbage are stepping up to help support small businesses and give them opportunities to still make money and maintain their business. I think this is an amazing idea and I hope that as time continues in this weird stage we’re stuck in, that more non-profits like Kabbage will pop up and come up with new and creative ways to keep the economy and small businesses afloat.
“cash now” is certanly a main topic throughout the COVID-19 pandemic. I really liked the idea of “together we stand”. I remember coming back to class for the first time, and feeling the sense of unity that was described after 9/11. There was certainly a feeling of unification as well as “we can do it” throughout the general population. Great post.
This article is very eye opening and a learning aspect for us as we step into the real world. It’s really cool seeing the way cash is. now for the small businesses needing the quick cash flowing in to help them out. I love how just going to a website you can participate and how we stand together not alone now a-days is such a honest approach to things.