Amazon started as online book store and has grown to be the worlds largest online retailer.
Amazon and Lendistry launch Amazon Community Lending pilot program for SMBs in U.S.
Amazon and Lendistry have announced a joint pilot program, Amazon Community Lending, aimed at driving growth opportunities for small and medium-sized businesses. The program is a new business financing option through Amazon Lending. Amazon Community Lending will provide U.S.-based Amazon sellers—nearly all of which are SMBs—access to short-term loans of up to $100,000 at competitive and affordable rates to sustain and grow their businesses.
“We are thrilled to launch the Amazon Community Lending pilot program in the U.S. to provide greater access to critical working capital and make the opportunity of selling in Amazon’s store more accessible to even more U.S. small businesses, Lendistry shares our commitment to championing underrepresented populations of business owners, knowing they often lack access to traditional methods of accessing capital and similar economic opportunities.”
– Dharmesh Mehta, vice president, worldwide consumer trust and partner support, Amazon
Amazon sellers account for more than half of all units sold in Amazon’s store. Together, Amazon and Lendistry have developed a lending solution built specifically for sellers. Lendistry will provide term loans targeting a range from $10,000 to $100,000 with periods of up to two years and annual percentage rates generally ranging between 8% and 9.9%.
U.S.-based Amazon sellers are invited to learn more and determine if financing options from Lendistry are the right fit for their business needs. Amazon sellers can use the working capital to grow their business in Amazon’s store and to cover other strategic business needs, such as staffing and operations costs, inventory, product development and manufacturing, and marketing efforts to build their brands and grow their customer base.
“Amazon came to us with this incredible idea, They’re on a mission to support and empower minority-owned businesses, just like us, so it was a great fit. The Amazon seller community is the perfect place to make these kinds of financing programs available that can truly make a difference for a lot of businesses.”
– Everett K. Sands, founder and CEO of Lendistry