Global financial service platform Kabbage announced this week the launch of its new Small Business Revenue Index. According to Kabbage, the index has two million live data connections the platform maintains across its customer base of more than 200,000 small businesses.
“The Kabbage Small Business Revenue Index aggregates the anonymized financial data of Main Street America small businesses—a segment whose live financial trends have historically been unavailable for public consumption and research. Of the businesses represented in the Kabbage Small Business Revenue Index, 83 percent have fewer than 10 employees and a median annual revenue of $280,000.”
While sharing more details about the index, Kabbage Head of Analytics, David Snitkof, stated:
“The Kabbage Small Business Revenue Index is unlike other tools or resources that supply small business growth trends as it analyzes the live data of companies instead of relying on static reports, survey responses or lagging research. This is the only tool available with an ongoing pulse on the financial health of local American small businesses, such as restaurants, hair salons, dentists, lawn care providers, boutique shops and more.”
Karen Mills, Senior Fellow at Harvard Business School and the former administrator of the U.S. Small Business Administration, added:
“Technology has the power to transform the world of small businesses for the better. Collecting and leveraging data on small businesses can illuminate the barriers and frictions that have prevented many businesses from getting the funds they need to grow and succeed. Given that small businesses make up half of America’s jobs, this data will be even more important in a recession.”