MoreThe Queen of Auctions has come across a great tip for sellers on eBay! If you ever have a need for some quick eBay cash to invest in merchandise, hire additional employees or purchase equipment (like computers), Kabbage is the solution for you. It is the coolest company that offers an eBay auction tool and I was very fortunate to meet Marc Gorlin (co-founder and Chairman) at eBay on Location in Atlanta.
When I was introduced to Marc by Cindy Shebly (who had tested Kabbage in the beta stage), I was extremely interested. Wow, a company that just wants to lend money to eBay sellers so that they can invest in the best products to sell online amongst other store investments. What an amazing concept!
Kabbage just secured $6.7 million from Blue Run Ventures in Silicon Valley, David Bonderman (founder of TPG), Warren Stephens (CEO of Stephens Inc) and the UPS Enterprise Fund to help grow it’s lending services. Warren Stephens (CEO of Stephens inc.) said he invested in Kabbage because he thinks it is extremely important that retailers and merchants have easier access to capital to grow their businesses. How true!
Kabbage will lend as much as $12,000 to individual eBay sellers depending upon a few key factors. Here is the front page screen of the Kabbage.com website. It is super user friendly and a simple yet powerful ebay auction tool concept.
Kabbage takes a look at your eBay selling history, buyer feedback ratings, customer traffic and inventory. This first pass is very quick and when I went through the process I couldn’t believe that within two minutes, Kabbage told me that I COULD be eligible for $6,800.
Don’t forget that it is “Could” as the next thing that Kabbage will check is your credit score. They are definitely more lenient with credit scores than the banks and this is great news! Kabbage will ask for your Social Security number and bank routing information.
Once they approve you based on your selling performance and credit score, you can see the KASH in your paypal account within minutes. It is really cool!
I took out a Kabbage loan for $1,500. I am going to use it tomorrow when I go and see my antique dealer friends. I hope to have the loan repaid within 30 days by selling some of the antiques right away. Within the next six months, I should double or triple that initial investment. Such a nice way to purchase some of the best products to sell online! Remember to sell antiques online, they can be a great investment!
Here is a sample of the types of antiques that I have been buying and yes, happily selling.
Kabbage charges between 6 and 16% on the initial advance amount. So if I pay back my $1,500 within 30 days it will have only cost me $90.00. If I take the entire six months it will cost me $240. Keep in mind that I plan to turn that $1500 into $3000 or maybe even $4500 within six months. $240 will be a small interest expense to pay for a gross profit of $3000.
You will have a six month repayment schedule and can repay early with no penalty.
Just go to Kabbage.com and see if you qualify for cash to help your business grow. This is one of the best tips for sellers on eBay that I’ve ever come across! What an awesome service that is only being offered to eBay sellers. A company that cares about us small guys! Cheers to Kabbage.
