Credit unions may have another competitor on the commercial loan front as online retail giant Amazon.com Inc. starts to make high-stake moves within the business lending space.
The Seattle-based company said it rolled out its Amazon Lending program through Amazon Capital Services Inc.at the end of 2011 to serve sellers of all sizes, the Wall Street Journal recently reported.
According to merchants involved with the program, the loans range from $1,000 to $38,000 and have interest rates between 1% to 13.9%, the publication reported. The company is also apparently offering small business credit card interest rates that range from 13% to 19%.
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