Online lending continues to make a big impact on small business growth. A recent study conducted by NDP Analytics found that every $1 borrowed by small businesses produces $3.79 of gross output in local communities. It sums up to nearly $40 billion in economic growth across the United States, generating close to 400,000 new jobs and $13 billion in wages throughout local economies. The study references companies like Kabbage, which has provided access to more than $5 billion for over 150,000 small businesses. Online lending simplifies the traditional lending process. With Kabbage, small businesses connect live data to the platform and can quickly qualify for a line of credit, which go as high as $250,000 and continually adjust to match the performance and seasonality of the business. Growth, however, is not the product of idleness. Dollars only produce more dollars when they're appropriately put to work. So, what are these businesses investing in with these funds? Here are five ways small businesses use the extra capital accessed by online lending to generate revenue. |
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