Amazon has handed out more than $3bn (£2.3bn) in loans to small businesses since launching its Lending program in 2011. In the last 12 months alone, Amazon says it has lent more than $1bn.
Amazon Lending offers business loans, ranging from $1,000 to $750,000, to sellers for up to 12 months. Since its inception, more than 20,000 small businesses have received a loan, with more than 50 per cent taking a second loan.
“We created Amazon Lending to make it simple for up-and-coming small businesses to efficiently get a business loan, because we know that an infusion of capital at the right moment can put a small business on the path to even greater success,” said Peeyush Nahar, VP for Amazon Marketplace. “Small businesses are in our DNA. Amazon is providing capital to small businesses to help them expand inventory and operations at a critical period of their growth. We understand that a small loan can go a long way.”
Loans offered by Amazon Lending are on an invitation-only basis. Amazon has issued loans to small businesses across the US, UK and Japan – with plans to roll out to other marketplaces.