Amazon to offer small business loans
E-commerce giant is expanding Amazon Lending arm with UK launch of invite-only service
E-commerce giant Amazon has announced that it will be offering small business loans to UK companies selling products through its website.
The service will be launched in the UK on an invite-only basis and is an expansion of its Amazon Lending arm which has successfully lent millions to businesses in Japan and the US since it began in 2012.
In America, Amazon Lending has provided businesses loans ranging from $1,000 to $600,000 for a three to six month period and its UK loans are expected to operate similarly.
Alongside the UK, Amazon Lending will also expand to Canada, China, France, Germany, India, Italy and Spain.
In an interview with Reuters, Amazon Marketplace head, Peter Faricy, commented:
“We know a lot about our sellers’ business and [will] invite only those who we think are in the best position to take capital and grow.”