New Media Investment Group Inc. one of the largest publishers of locally based print and online media in the United States, announced this week it has entered into an agreement with Kabbage, a pioneering financial services, technology and data platform serving small businesses.
The alliance is intended to bring awareness of simple access to working capital through Kabbage’s fully automated online lending platform to more than 5 million small and medium sized businesses (SMBs) that do business in New Media’s markets.
GateHouse Media — the company that includes the Daily Messenger, the Post weekly newspapers in Monroe and Wayne counties, and several other area newspapers, along with media outlets across the country — is the holding company for New Media.
New Media’s footprint covers over 550 local communities where SMBs often struggle to find access to capital. UpCurve, New Media’s SMB services business, is focused on bringing products and solutions to SMBs that help to solve for pain points that they face, including by helping to expand their access to capital.
Providing access to more than $4 billion to date, customers use Kabbage funding to build and grow their businesses by supporting cash flow needs and marketing, purchasing equipment and inventory, making long-term investments, and hiring, leading to the creation of more jobs and investment into local communities and the overall economy.
"New Media is committed to helping make its communities stronger, and one of the best ways to do that, in addition to strong local journalism, is through supporting small businesses," said Michael E. Reed, New Media president and chief executive officer. "Through our work at UpCurve (New Media’s SMB services business), we know that access to capital is a common pain point among our SMB partners. Kabbage has created a simple and seamless process for business owners to solve for that need and we hope to connect SMBs in our markets to Kabbage through our alliance."