Kabbage, the online small business lender, has stopped making loans, made big reductions to customer credit lines and temporarily dismissed staff after many of its borrowers have been shuttered by the coronavirus outbreak.
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Online lender stops making loans to small US businesses
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“We securitise our receivables and we are on the hook for loan performance, which is suffering because of delinquencies, because our customers have no revenue, because they are closed,” Ms Petralia said, noting Kabbage’s core customers were businesses with less than 20 employees, “and they get hit first and hardest”.
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