Rob Frohwein cofounded Kabbage with the help of Kathryn Petralia and Marc Gorlin. The Kabbage platform has funded more than $2.7 billion in loans. They provide an advanced lending online platform to help small businesses borrow the funds they need. Kabbage has raised $236 million in equity since their formation. They have over 300 employees and 5 offices across the US and internationally.

 

 

Here’s a glimpse of what you’ll learn:

  • [1:10] Jeremy introduces his guest, Rob Frohwein.
  • [3:00] Figuring out your next milestone.
  • [5:30] Where did the name Kabbage come from? And what was the original idea?
  • [10:30] Who is the ideal customer to use Kabbage?
  • [14:00] How Rob and his team decide who to fund.
  • [19:00] What are some of the risk factors that Rob and his team look at?
  • [21:30] Biggest mistakes business leaders make once they receive capital.
  • [24:30] How Rob and his team set interest rates.
  • [28:00] Rob talks about businesses that default on their loans.
  • [31:00] Reasons why businesses fail.
  • [35:00] What is the cost to acquire customers? Is the juice worth the squeeze?
  • [37:00] How Rob and his team decided to get a spokesperson.
  • [41:00] Rob’s favorite success story from his work with Kabbage.
  • [46:00] What is Kabbage Kares?

In this episode…

What does it take to secure a small business line of credit? How do investors and lenders evaluate an entrepreneur or small business owner? How do they set interest rates? On this episode of Inspired Insider, you’ll hear from business leader Rob Frohwein as he opens up and shares from his perspective as the co-founder of Kabbage, an online lending platform. Rob touches on topics including figuring out your next milestone, how Kabbage got started, who the ideal client for Kabbage is, how Rob and his team decide who to fund, what risk factors they look at, why small businesses fail, and much more! You don’t want to miss this interesting episode!

As a business leader, do you have a clear idea of what your next milestone is for your company or for you personally? How do you keep that milestone in front of the people you lead? How do you keep it tangible and achievable? What do you plan to do to celebrate once you’ve reached it? On this episode of Inspired Insider, you’ll hear a helpful lesson from entrepreneur and innovator Rob Frohwein about how they celebrate milestones at Kabbage. In the early days of Kabbage, Rob’s co-founder, Mark purchased champagne for each member of the seven-person team. The label on each bottle had a message that said, “To be opened when Kabbage reaches a value of 50 million dollars.” This may seem like a crazy story but it drove home the tangible lesson of keeping your next milestone in front of you and your team. Once Kabbage reached that value of 50 million dollars, Rob and his team all opened those bottles to celebrate. What can you learn from Rob’s story? Hear more on this episode!

What is the scope of your business? Do you have a defined and targeted customer base? Does your customer base know that your organization is there to provide a product or service? What is your reputation? On this episode of Inspired Insider, you’ll hear from business leader Rob Frohwein as he discusses the ideal customer for his company, Kabbage. Kabbage exists to serve the whole range of small businesses by providing them with a line of credit that will help take their company to the next level of growth. Listen to this episode as Rob shares how Kabbage got started and why they continue to focus on serving and empowering small businesses of all types. You don’t want to miss this fascinating episode!

Is your business ready to go the long haul? Have you taken a look at why leaders and organizations fail? What steps have you taken to make sure you and your company don’t end up as another statistic? On this episode of Inspired Insider, Rob Frohwein speaks from his years of experience funding small businesses to share so of the most common reasons he has seen for small businesses to fail. One of the main reasons for small business failure is due to a poor use of resources, especially when they receive new funding from investors like Kabbage. If a company doesn’t have a clear plan in place on how they use their resources, they are highly likely to suffer major setbacks and even complete failure. To hear more on this topic from Rob, listen to this episode!

What does your business do to give back to the community it’s in? This is an important question to consider, especially as we approach the holidays. Don’t get overwhelmed with a big gesture, even little things can go long way to show the community around you that your organization cares about people around them. On this episode of Inspired Insider, you’ll hear from Rob Frohwein as he opens up and shares about Kabbage’s program designed to give back to the community called Kabbage Kares. Each month, Kabbage supports local organizations like Camp Twin Lakes, the Boys & Girls Club, and the Atlanta Food Bank. They’ve committed to building a positive reputation of giving back to the community they’re in. What lessons can you learn from Rob and Kabbage’s story? Find out on this episode!

Resources Mentioned on this episode

Sponsor for this episode

This is part of the Prosper Show Ecommerce Mastery Series where top Sellers and Experts teach you what really works to boost your ecommerce business. They have an amazing conference with some of the top Amazon sellers and industry leaders.

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Rise25 is where entrepreneurs of 6,7, and 8 figure businesses come together live and in person every few months to solve their biggest business challenges through this high-level Mastermind group. Each member leaves each week with lifelong friendships and actionable steps to take their business to the next level. Check out Rise25.com – a group run by myself and cofounder John Corcoran. Rise 25 is application only.

 

 

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