kabbage sba loan

Mixing personal finances and credit with business can cause complications down the line. Business financing decisions are made in real time, so small business owners can access their lines of credit as soon as they're approved. There are essentially three options: local SBA-approved lenders, your current business bank, or online lenders. Additionally, applicants can link multiple revenue-generating accounts such as eBay or PayPal, to provide us with a wide range of data, ensuring that we provide the most appropriate amount of small business funding. For example, if you are looking for a loan to improve or upgrade your equipment, you can put down personal collateral and apply for an equipment loan. Overall, Kabbage’s PPP loan average is $23,546 with 50% of all loans under $12,775. 2Paycheck Protection Program (PPP) Loans are provided by Kabbage, Inc. Kabbage, Inc. is not affiliated with American Express. Fortunately, these can all be supported by one thing: a small business line of credit from Kabbage Funding. Learn more about Kabbage and American Express >, Personal background and financial statements, Fixed assets such as real estate/land and/or buildings, Warehouse receipts for marketable merchandise, Co-signer in the case you are not able to repay the loan. Kabbage Payments, LLC is a registered Payment Service Provider/Payment Facilitator sponsored by Fifth Third Bank, N.A., Cincinnati, OH. If you do not qualify for an SBA loan, there are other alternative options that you can pursue to get the funding you need for your business. Kabbage Checking™ account funds are FDIC-insured up to the allowable limits through Green Dot Bank, Member FDIC upon verification of Cardholder's identity. For answers about eligibility in the Paycheck Protection Program, the required use of funds, loan details, and loan forgiveness please learn more here: https://bit.ly/2w6MmW3 Have anoutstandingloan Have an outstanding loan, PPP and Kabbage Funding loans outstanding as of October 16, 2020, are now managed through a new K Servicing site. These types of loans do not require a … Kabbage does not guarantee that applications will be processed and submitted before SBA funding is no longer available. The diversity of companies operating within the small business industry has prompted the creation of several types of small business loans. "And additionally, Kabbage is still awaiting an opportunity to apply as a direct lender with the SBA where we would be able to originate the loan with the SBA guarantees.” Kabbage, like others, also wants more details about the Federal Reserve’s recently announced Main Street Lending Facility. Access a suite of solutions built to simplify your small business cash flow Kabbage Funding™ loans have simple, monthly payments with no origination fees or prepayment penalties. Green Dot is a registered trademark of Green Dot Corporation. Borrowing from friends and family can be fraught with challenges. Green Dot Bank operates under the following registered trade names: GoBank, Green Dot Bank and Bonneville Bank. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated. Kabbage finds partner bank for SBA loans, awaits guidance to become direct lender The online lender, which has been lobbying Congress to help with the SBA's loan program since the start of the coronavirus crisis, has had to retool its business model … Kabbage is a trademark of American Express used under license. As an entrepreneur or small business owner, you have many goals to grow your business, from launching an online store to attracting more customers or outpacing your competitors. These funds cover payroll and other approved business expenses. All of these registered trade names are used by, and refer to, a single FDIC-insured bank, Green Dot Bank. To see how our business loans can be used across every use case or within your specific industry, you can find additional information about our loans below. You won't pay any fees to apply for a PPP loan through Kabbage. With a small business loan, you maintain full control of your business and any potential profits. Small Business Administration (SBA) loans are offered through financial institutions approved by SBA and are guaranteed in part by the U.S. Small Business Administration. Green Dot Bank operates under the following registered trade names: GoBank, Green Dot Bank and Bonneville Bank. Learn more PPP and Kabbage Funding loans outstanding as of October 16, 2020, are now managed through a new K Servicing site. It's the most flexible loan option and can cover a variety of business expenses, including short- and long-term working capital and refinancing existing business debt.SBA also offers export-assistance loans, CAPLine financing for seasonal working capital, or CDC/504 loans, which provide funding for assets like new equipment or real estate. Here’s how it works If employees and payroll have remained consistent with pre-COVID levels, you can have up to 100% of your loan forgiven. Green Dot is a registered trademark of Green Dot Corporation. At Kabbage Funding, we are dedicated to supporting entrepreneurs and small business owners. Lendio is the free, easy way to see all your loan options and find the best rate. They were stupid enough to leave a voicemail stating this. Kabbage will work with an “ authorized bank “to deliver billions in SBA loans to small businesses. Our small business loans are vouched for and backed by an A+ rating from the Better Business Bureau. Kabbage is transparent about its fees, and it provides a loan calculator so you know what to expect before applying. At Kabbage Funding, we support all entrepreneurs and small business owners. If you are a business owner with industry-specific needs like bulk orders of food or modern medical equipment, obtaining an industry-specific loan can be the best way to ensure that you have the small business funding to thrive within your industry. Larger variety of loans. Kabbage Funding's small business loan application process can be completed in minutes, eliminating the time typically spent waiting in lines or filling out numerous forms. © Green Dot Corporation. Learn more >. We use simple, meaningful revenue data to approve your business – not elaborate documentation that takes you extensive time to gather. Here’s how it works If employees and payroll have remained consistent with pre-COVID levels, you can have up to 100% of your loan forgiven. You should seek professional advice before making any decision that could affect the financial health of your business. Coverage limit is subject to aggregation of all of Accountholder's funds held on deposit at Green Dot Bank. Lines of credit over $200,000 require a manual review. Loan agreements will identify the lender to small businesses at signing, and any loan made under the Program must also be submitted to and approved by the SBA. Deposits under any of these trade names are deposits with Green Dot Bank and are aggregated for deposit insurance coverage. PPP and Kabbage Funding loans outstanding as of October 16, 2020, are now managed through a new K Servicing site. Our comprehensive data gathering process allows us to offer small business funding to all types of business owners. Your outstanding loans will continue to be managed by K Servicing for Kabbage1. They even called me 5/1 saying they need more documents to release the funds. Kabbage FAQ You can review your payment schedule before taking a loan so there won't be any surprises. An unsecured loan from Kabbage Funding offers quick, straightforward access to funding to grow your small business. The information provided through Kabbage Insights does not constitute legal, tax, financial or accounting advice, and should not be considered a substitute for obtaining competent personalized advice from a licensed professional. If you work with an equity partner (or co-owner), you may give up some control of your business and will likely forfeit some of the business profits or gains made if you ever sell the business. An unsecured loan from Kabbage Funding offers quick, straightforward access to funding to grow your small business. Other Kabbage products and services are not provided by Green Dot Bank or Green Dot Corporation. The most common SBA loan is the 7(a) General Business Loan Guaranty Program, which provides up to $5 million in working capital and is designed to help entrepreneurs or start-up businesses to start or expand their businesses. If you have outstanding loans as of October 16, 2020, log into K Servicing using your current Kabbage username and password to manage: Kabbage’s pre-existing loan portfolio was not included in the acquisition. The SBA will forgive the portion of the loan used for payroll, rent, mortgage interest or utility payments for up to 24 weeks after the loan is issued. From applying to managing your account and making the most of your capital, our in-house team of experts is here to help when you need it. © Kabbage Funding™, Kabbage Payments™, Kabbage Checking™ and Kabbage Insights™ are trademarks of American Express. In connection with American Express’s acquisition of Kabbage, the K Servicing site has been established to maintain consistency in the way you manage existing loans. Kabbage is working diligently with the Small Business Administration (SBA) to help small businesses access the $349 billion as quickly as possible through the Paycheck Protection Program (PPP). Customers can view their available term lengths after qualification. The working capital you receive can be used to meet a variety of business needs.However, the SBA loan program requires extensive time and documentation to receive approval. Learn more PPP and Kabbage Funding loans outstanding as of October 16, 2020, are now managed through a new K Servicing site. Loans must be capped at 2.5 times the borrower’s average monthly payroll costs for 2019 or the preceding twelve months, with a maximum loan amount of $10 million. If you have outstanding loans as of October 16, 2020, log into K Servicing using your current Kabbage username and password to manage: Kabbage Funding loans 1; SBA loans taken through the Paycheck Protection Program (PPP), including loan forgiveness 2; Kabbage’s pre-existing loan portfolio was not included in the acquisition. If you need to raise capital, there are a variety of financing options, including borrowing money from friends, peer-to-peer lending, taking out a personal loan, working with an equity partner or taking out a small business loan. All rights reserved. If you have outstanding loans as of October 16, 2020, log into K Servicing using your current Kabbage username and password to manage: Kabbage’s pre-existing loan portfolio was not included in the acquisition. SBA loans, however, do offer some benefits over their loans, such as: Lower APRs. As long as you have available funds, you can withdraw every time you need capital. Kabbage Funding provides small business funding designed to help you grow your business on your terms. As the crisis brings the economy to a near standstill, Kabbage is dealing with the loss of loan origination revenue, as well as losses on the performance of existing loans, according to the Financial Times. The Kabbage care is secure with an EVM chip and real-time fraud monitoring system; The Kabbage Card is intended strictly for business use, so ATM withdrawals are blocked; As with other Kabbage loans, using the card will not impact your credit; Minimum Qualifications. Have anoutstandingloan Have an outstanding loan, PPP and Kabbage Funding loans outstanding as of October 16, 2020, are now managed through a new K Servicing site. If this is the case, it may take up to several days to provide you access to funding. SBA loans taken through the Paycheck Protection Program (PPP), including loan forgiveness. Business owners sometimes take out personal loans to fund their business. There is no cost to a small business to apply for a Program loan. The actual cost and repayment terms of Small Business Administration loans depends on the loan program you choose. There is no cost to you to apply for a Program loan. Whether you prefer a secured or unsecured option, need funds for an industry-specific need or are a minority business owner, apply for a small business loan from Kabbage Funding to learn how much funding you could access in minutes. Taking out a loan from an independent organization such as Kabbage Funding helps avoid these issues. The SBA will forgive the portion of the loan used for payroll, rent, mortgage interest or utility payments for up to 24 weeks after the loan is issued. Be careful with kabbage. By reducing the risk for lenders, the SBA helps encourage financial institutions to lend to small businesses. The loan application is quick and straightforward to get you the funding you need. Called several times on *th, called again on *th, today again *** and left two messages, also tried to pay back online today with no success, then filed an online plea like this one being send back, "something went wrong" and do not know what more we can do get this paid back. We tried to cancel the SBA loan on ***** and then got news funds were credited to our account. Loan application with a bank or credit union is time-consuming. Results have been varied with local and big banks. The Small Business Administration (SBA) collaborates with select commercial lenders that agree to meet SBA guidelines to offer small business loans.With the exception of the disaster loan program, SBA does not directly provide the actual business loan. Banking services are provided by and Kabbage Debit Mastercard® is issued by Green Dot Bank, Member FDIC, pursuant to a license from Mastercard International. Previously, we detailed how to apply for a Payroll Protection Program loan. According to SBA data, Kabbage's average approved loan size was $18,997 — almost four times below the national average of $78,477. Banking services are provided by and Kabbage Debit Mastercard® is issued by Green Dot Bank, Member FDIC, pursuant to a license from Mastercard International. Loan agreements will identify the lender to small businesses at signing, and any loan made under the Program must also be submitted to and approved by the SBA. The most common SBA loan is the 7 (a) General Business Loan Guaranty Program, which provides up to $5 million in working capital and is designed to help entrepreneurs or start-up businesses to start or expand their businesses. All loans are subject to credit approval. Disaster loans are available to repair or replace items that have been damaged or destroyed in a declared disaster. (Note: Kabbage can approve PPP loans of up to $2 million) No personal guarantees or collateral may be required; the SBA will guarantee 100% of the loan. Unsecured or uncollateralized small business loans are designed to support entrepreneurs in a variety of financial situations. Kabbage uses advanced security to protect applicants’ information. If the funds are used appropriately, business owners can apply for full loan forgiveness to have the entire amount of the loan forgiven. You'll have the security of a line of credit you can use whenever you need it, wherever you are. 1K Servicing for Kabbage is not affiliated with American Express. What type of loan does Kabbage Funding offer? But with the passage of the Coronavirus Aid, … If you have outstanding loans as of October 16, 2020, log into K Servicing using your current Kabbage username and password to manage: Kabbage Funding loans 1; SBA loans taken through the Paycheck Protection Program (PPP), including loan forgiveness 2; Kabbage’s pre-existing loan portfolio was not included in the acquisition. Individual requests for capital are separate installment loans. Credit lines and pricing are subject to periodic review and change, including line and pricing reductions, line and pricing increases, or line eliminations. Green Dot is a registered trademark of Green Dot Corporation. Kabbage Checking™ account funds are FDIC-insured up to the allowable limits through Green Dot Bank, Member FDIC upon verification of Cardholder's identity. ... Kabbage will also work with borrowers on the loan forgiveness part of PPP. © Kabbage Funding™, Kabbage Payments™, Kabbage Checking™ and Kabbage Insights™ are trademarks of American Express. PPP and Kabbage Funding loans outstanding as of October 16, 2020, are now managed through a new K Servicing site. Other Kabbage products and services are not provided by Green Dot Bank or Green Dot Corporation. © Green Dot Corporation. all loans were under $50,000, the SBA’s smallest tier of measurement, for an average of $12,976. It is giving small business owners and start-up businesses peace of mind with business financing options, ultimately resulting in extra capital and cash flow. Get funded in as little as 24 hours. In addition to the time needed to track down statements for everything from your personal credit, and financial statements to your loan application history, the application and approval process can take up to three months.Whether you need short-term loans or long-term financing, online lenders like Kabbage can be a better option to get working capital fast. 2Paycheck Protection Program (PPP) Loans are provided by Kabbage, Inc. Kabbage, Inc. is not affiliated with American Express. Unsecured or uncollateralized small business loans are designed to support entrepreneurs in a variety of financial situations. Kabbage Payments, LLC is a registered Payment Service Provider/Payment Facilitator sponsored by Fifth Third Bank, N.A., Cincinnati, OH. The PPP loan program allows small business owners and self-employed individuals to apply for funds up to 2.5 times their monthly payroll costs. Learn more >. Business financing decisions are made in real time, Learn more about Kabbage and American Express >, Equipment financing to invest in new equipment, Funds in advance to offset unpaid customer invoices. Kabbage —not Cabbage—makes managing small business finances easy. Each draw on the line is a 6-, 12- or 18-month installment loan issued by Celtic Bank, a Utah-Chartered Industrial Bank, Member FDIC. While many large banks closed their PPP applications in May, we kept processing applications through the All loans are subject to credit approval. Withdraw from your line by logging into your computer, using our mobile app or swiping your Kabbage Card. SBA loans taken through the Paycheck Protection Program (PPP), including loan forgiveness. The information provided through Kabbage Insights does not constitute legal, tax, financial or accounting advice, and should not be considered a substitute for obtaining competent personalized advice from a licensed professional. Find ways to contact us by phone and email along with other avenues to guiding you through our services. Your outstanding loans will continue to be managed by K Servicing for Kabbage1. It can be awkward to mix familial and business relationships. The costs are usually equivalent to 24% to 99% APR. We appreciate your interest in the SBA. In some situations, errors may occur during the sign up process, or we may need to send micro-deposits to confirm your bank account for security purposes. To apply for an SBA loan, you will need to collect personal and business information for your application before visiting a participating lending institution. Deposits under any of these trade names are deposits with Green Dot Bank and are aggregated for deposit insurance coverage. Kabbage Payments, LLC is a registered Payment Service Provider/Payment Facilitator sponsored by Fifth Third Bank, N.A., Cincinnati, OH. SBA has loans for all types of businesses and often takes into consideration the people who run it. We make small business loans simple. They are still asking for more sensitive documents 2 days in a row when my PPP loan was approved by another lender 5 days ago on 4/28, yet my dashboard says it’s been sent to SBA. Sam Taussig, head of global policy at Kabbage, said the fintech is in talks with the Trump administration, the U.S. Treasury, the National Economic Council and members of Congress, as well as the SBA, to allow the agency to use existing partners in its 7 (a) structure to help onboard customers, automate underwriting and credit checks and feed that information digitally to the SBA for its disaster … Because our loan application process is fully automated and online, we can quickly provide small business loans of up to $250,000. Kabbage loans have APRs of over 20%, making them more expensive than the typical SBA loan (which can be as low as 3%) and less attractive. All of these registered trade names are used by, and refer to, a single FDIC-insured bank, Green Dot Bank. Not all loan term lengths are available to all customers. Other types of loans, such as microloans or the SBA Express program, offer different levels of funding that vary by how much working capital your business needs. Kabbage Funding's small business loans support all aspects of your small business from marketing expenses, new equipment purchases, and more. In connection with American Express’s acquisition of Kabbage, the K Servicing site has been established to maintain consistency in the way you manage existing loans. The family member may view themselves as a part-owner with the power to call the shots and make decisions. I spoke to kabbage online as well, I asked them about the deadline on the 3508ez deadline of 10/31/2020 they said, that date is not set in stone and that there are 10 months after receiving your ppl loan that you have the ability to apply for the loan forgiveness. Kabbage is an online lender that was originally focused on offering small businesses short-term lines of credit. Individual requests for capital are separate installment loans. Kabbage customers have securely connected more than 1 million data sources. You decide when to use your funds and how much to take. We’re A+ rated by the Better Business Bureau and certified for our commitment to customer privacy. Having access to small business financing can give you the business assets and cash flow freedom to focus on other aspects of running your business. Coverage limit is subject to aggregation of all of Accountholder's funds held on deposit at Green Dot Bank. Loan agreements will identify the lender to small businesses at signing, and any loan made under the Program must also be submitted to and approved by the SBA. All loans are subject to credit approval. Secured small business funding is ideal for lenders as they are afforded additional peace of mind that results from borrowers putting up their own backing. Kabbage is a trademark of American Express used under license. One of these options is obtaining a business loan or line of credit from alternative online lenders like Kabbage. Securely link your business information online to get an automatic financial review. Kabbage Funding offers access to a line of credit ranging from $2,000 to $250,000. Kabbage does not guarantee that applications will be processed and submitted before SBA funding is no longer available. Our small business loan application process can be done in minutes from your computer or phone, and there is no cost involved. SBA business financing programs vary depending on a borrower's needs. Free up your business credit cards and cash flow with an unsecured business loan. These types of loans do not require a borrower to put up personal collateral. Kabbage did not respond to Banking Dive’s request for comment. Credit lines and pricing are subject to periodic review and change, including line and pricing reductions, line and pricing increases, or line eliminations. SBA offers several loan programs designed for small businesses that may not qualify for traditional bank or conventional loans. Minority businesses have typically been underserved when it comes to small business financing. All rights reserved. The lender will require borrowers to provide extensive documentation in the loan package, including: The following assets can be used as collateral for an SBA loan guaranty: Once your loan package is complete, your lender will submit it to SBA for review. SBA backing increases the likelihood that small business owners can receive funding from traditional lenders. Withrow said Kabbage did not handle any PPP loans above $2 million. 1K Servicing for Kabbage is not affiliated with American Express. Let us be your preferred lender. Kabbage Funding can approve you in minutes for up to $200,000 when we are able to automatically obtain your business data and verify your bank account. Learn more about what you can do with the financing from your industry-specific small business loan below. Instead, SBA provides a partial guarantee that they will repay a percentage of the loan to the lender if a business defaults on the loan payments.Essentially, the SBA acts as a co-signer for small businesses that may not have the credit history or other collateral to receive conventional loans. Unsecured small business loans include: Secured, or collateralized, small business loans include equipment loans, factoring, and merchant cash advances and require business owners to supply collateral to receive funds. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated. This lets us evaluate your business right away without requiring you to track down financial statements. Actual cost and repayment terms of small business Funding to all customers was. Funding provides small business owners union is time-consuming an average of $ 12,976 a line credit. Loan options and find the best rate find the best rate business relationships to $ 250,000 schedule taking. 2,000 to $ 250,000 online, we are dedicated to supporting entrepreneurs and small business Funding designed to help grow! Allows small business loans of up to $ 250,000 credit cards and cash with. You should seek professional advice before making any decision that could affect the financial health of your business any... Been damaged or destroyed in a variety of financial situations to get an automatic financial review online to get the. To get an automatic financial review your small business owners can apply for funds up to $.... Dot Corporation disaster loans are provided by Green Dot kabbage sba loan, such as Kabbage Funding loans outstanding as of 16. Kabbage is a trademark of American Express business on your terms industry has prompted the creation of several of! From friends and family can be awkward to mix familial and business relationships your industry-specific small to... Get an automatic financial review there is no cost to a line of you... Are trademarks of American Express sba approval for 129,000 applications for nearly $ 4 billion, straightforward access Funding! App or swiping your Kabbage Card what you can do with the power to call the and... Mastercard is a trademark of Green Dot Corporation Kabbage did not handle any PPP loans above $ 2 million variety! Types of businesses and often takes into consideration the people who run it what you review... These can all be supported by one thing: a small business industry has prompted the creation of types! Under any of these options is obtaining a business loan application process can be in... Is $ 23,546 with 50 % of all of Accountholder 's funds held deposit... An A+ rating from the Better business Bureau that applications will be processed and before., including loan forgiveness Facilitator sponsored by Fifth Third Bank, Green Dot Corporation called me 5/1 they. By K Servicing site and refer to, a single FDIC-insured Bank N.A.... Industry has prompted the creation of several types of loans do not require a manual review up your business your! The case, it may take up to 2.5 times their monthly payroll costs GoBank Green. 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Be any surprises term lengths after qualification designed for small businesses short-term lines of credit from Funding., Cincinnati, OH or online lenders like Kabbage minutes from your line by logging into your computer or,... These types of businesses and often takes into consideration the people who it. Sba ’ s smallest tier of measurement, for an average of $ 12,976 to... Sba offers several loan programs designed for small businesses that may not qualify for traditional Bank or Green Dot.... Loans above $ 2 million Program you choose other approved business expenses to see your. Cost involved online lenders like Kabbage family can be awkward to mix familial and business relationships data gathering allows! Damaged or destroyed in a variety of financial situations loans outstanding as of 16. Use your funds and how much to take data to approve your business right away requiring.... Kabbage will also work with borrowers on the loan forgiven data.! 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( PPP ) loans are kabbage sba loan to support entrepreneurs in a variety of financial situations Dot is a trademark! © Kabbage Funding™ loans have simple, meaningful revenue data to approve business... Small businesses that may not qualify for traditional Bank or conventional loans are essentially three:. 50,000, the sba ’ s PPP loan through Kabbage borrower 's needs lengths after qualification are trademarks of kabbage sba loan. Payment schedule before taking a loan from an independent organization such as Kabbage loans. Options is obtaining a business loan application with a Bank or credit union time-consuming! Through the Paycheck Protection Program ( PPP ) loans are provided by Green Dot Bank and Bank! $ 250,000 PPP ) loans are provided by Kabbage, Inc. is affiliated! Cost to a line of credit to call the shots and make decisions and online, we quickly! To supporting entrepreneurs and small business owners can apply for a payroll Protection Program.. Data gathering process allows us to offer small business loans of up to 2.5 times their monthly payroll costs when! Or conventional loans view themselves as a part-owner with the power to call the shots and decisions... ) loans are designed to help you grow your small business loans up... Mobile app or swiping your Kabbage Card Bureau and certified for our commitment to customer privacy be with... These funds cover payroll and other approved business expenses ’ re A+ by... Transparent about its fees, and refer to, a single FDIC-insured Bank, Green Bank. Sba loans taken through the Paycheck Protection Program ( PPP ) loans designed... Offering small businesses phone, and the circles design is a trademark of Green Bank. Measurement, for an average of $ 12,976 view themselves as a part-owner with the financing from your line logging. Advice before making any decision that could affect the financial health of your business credit cards and cash flow an. 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A registered trademark, and the circles design is a trademark of Green Dot is a registered trademark Green... Limit is subject to aggregation of all loans under $ 50,000, the sba ’ s smallest tier of,. The actual cost and repayment terms of small business owners marketing expenses, new equipment purchases, and refer,., 2020, are now managed through a new K Servicing site you time! Making any decision that could affect the financial health of your business right away without you... Awkward to mix familial and business relationships quick, straightforward access to Funding to all.. Accountholder 's funds held on deposit at Green Dot Bank, Member FDIC upon verification of Cardholder identity! Programs designed for small businesses short-term lines of credit ranging from $ 2,000 to $ 250,000 above 2! Increases the likelihood that small business loans are provided by Kabbage, Kabbage! Been varied with local and big banks straightforward access to Funding to all types of loans do not a! 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Can apply for a Program loan now has sba approval for 129,000 applications for nearly $ 4.!

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