Amazon Lending, a subsidiary of Amazon, today unveils a credit line for U.S.-based small businesses. The new digital credit line will be offered in partnership with Goldman’s Marcus brand. U.S.-based merchants who sell on the e-commerce giant’s platform will soon be receiving invitations from Goldman’s Marcus brand for revolving credit lines with a fixed annual interest rate of 6.99% to 20.99%, the company said in a blog post.
The partnership will give Goldman Sachs access to data on thousands of Amazon merchants, effectively enable the banking giant to improve its lending models and accelerate its push into Main Street finance. Potential borrowers will see the offer on Seller Central, the online hub for Amazon merchants and can apply in a simple two-step process, said the people, who spoke on condition of anonymity because they were not authorized to discuss the partnership publicly. The credit lines will come with a fixed annual interest rate of 6.99% to 20.99% and can be drawn and repaid, like a regular credit card.
According to the announcement, the new partnership will allow Marcus to offer a Marcus Business Line of Credit built specifically for Amazon sellers based in the U.S. The program starts today and eligible sellers will receive invitations via Seller Central to apply with Marcus for the Line of Credit. We are starting this new program gradually.
In April 2016, Goldman Sachs launched a direct bank, GS Bank. Then in October 2016, Goldman Sachs Bank USA started offering no-fee personal loans under the brand Marcus by Goldman Sachs. In April 2018, Goldman acquired Clarity Money, a personal finance startup, that was put under the Marcus by Goldman Sachs umbrella.
“We’re super excited about embarking on this journey with Amazon, and thrilled that they chose to partner with us,” said Omer Ismail, head of Goldman’s U.S. consumer business.
Below is the rest of Amazon announcement.
The Marcus Business Line of Credit offers competitive, fixed interest rates and provides Amazon sellers with the flexibility to request funds as needed, subject to approval. As with our direct loans from Amazon Lending, the goal is to help sellers grow their Amazon business, as well as other online or offline channels. For example, sellers can use funds to cover staffing and operations costs, buy more inventory for improved cost efficiency, invest in product development and manufacturing, or expand marketing efforts to build their brands and grow their customer base. The fully digital experience makes it simple for eligible business owners to quickly see their financing options.
This partnership expands on Amazon Lending’s existing program to support seller growth. In 2019, Amazon loaned more than $1 billion to more than 14,000 U.S-based businesses. Since 2016, Marcus by Goldman Sachs has offered simple, transparent, and valuable products and tools designed to help consumers reach their financial goals, and now they are taking that same approach to this line of credit product for small businesses selling with Amazon. As of May 2020, Marcus held more than $80 billion in global deposits and $7 billion in lending balances, all while serving millions of customers with the commitment to be on their side. Goldman Sachs has long supported small business with efforts such as its 10,000 Small Businesses program, an investment to help entrepreneurs create jobs and economic opportunity by providing access to education, capital and business support services.
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