Amazon Lending Service Tops $3 Billion in Loans to Small Businesses

    Author Caroline HarrisPosted on Categories Retail, ConsumerTags , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,
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    On June 7, Amazon.com (NASDAQ:$AMZN) announced that it’s Amazon Lending service had topped $3 billion in loans to small businesses since it was initially launched back in 2011.

    In fact, in the last 12 months alone, the Amazon Lending service loaned over $1 billion to small companies. Being able to increase the sales for third party merchants is an advantage for Amazon, as the Washington-based company is awarded a piece of the sale.

    Peeyush Nahar, Amazon Marketplace VP, disclosed that the company “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.”

    As of right now, there are more than 20,000 small businesses that have obtained loans from Amazon and over 50% of the businesses that Amazon gives loans to will end up coming back for a second loan.

    On June 9th’s opening, Amazon’s stock went unchanged at $1,009.63.

    Featured Image: Depositphotos/© LDProd

    Author Caroline Harris
    About the author: Caroline Harris is a third-year student at Capilano University in North Vancouver, Canada. Having already completed an Associates Degree in Psychology, Caroline is now finishing her Bachelor's degree in Communications. In preparation for working in the advertisement sector, Caroline is writing financial content and analysis. On a daily basis, Caroline works on articles regarding the following topics: finance, cryptocurrency, technology, and politics.