Over the past couple of weeks, bits and pieces have leaked out about a new commercial loan pilot program from Amazon Inc. and how the online retail behemoth's entry into the small business lending could put credit unions, banks and other lenders on high alert.
Releasing very few details, the Seattle-based company did confirm it rolled out its Amazon lending program through Amazon Capital Services Inc. at the end of 2011 to serve sellers of all sizes.
Amazon online merchants involved in the program told The Wall Street Journal the loans that they were able to secure ranged from $1,000 to $38,000 and had interest rates of between 1% and 13.9%. The company is also apparently offering small business credit card interest rates that range from 13% to 19%.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
