The Internet giant, Amazon, has made an announcement that it will soon be offering loans to small businesses that sell products through its website.
Amazon has already lent millions to Japanese and US businesses since it began its Amazon Lending division in 2012. The UK arm will be available on an invite only basis. Amazon is intending to offer the service to other countries, including France, Germany, Spain, Italy, as well as Canada and China.
Peter Faricy, head of Amazon Marketplace, said in an interview with Reuters, “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.”
So far, Amazon Lending has provided US businesses with loans that range from $1000-$600,000 over a 3 to 6 month period. It is expected that the same model will be used businesses in the UK.
Other large e-commerce companies, such as eBay Inc’s PayPal and the Alibba Group Holdings, both of which operate third-party marketplaces, are following suit and offering credits to their vendor base.
I am a Copywriter, Proofreader, Virtual Secretary and Author.