Amazon and Lendistry Announce Amazon Community Lending Pilot Program
Sep 21, 2021 By MarketDepth
Amazon.com, Inc. (NASDAQ: AMZN) and Lendistry have reported a joint pilot program, Amazon Community Lending, to drive growth opportunities for small and medium sized businesses selling in Amazon’s store. This program is a new business financing option through Amazon Lending. This will offer SMBs access to short term loans of up to USD 100,000. “We are thrilled to launch the Amazon Community Lending pilot program in the U.S. to provide greater access to critical working capital and make the opportunity of selling in Amazon’s store more accessible to even more U.S. small businesses,” said Dharmesh Mehta, Amazon’s vice president for worldwide consumer trust and partner support. “Lendistry shares our commitment to championing underrepresented populations of business owners, knowing they often lack access to traditional methods of accessing capital and similar economic opportunities.”
Amazon sellers account for over half of all units sold in Amazon’s store. Amazon and Lendistry have developed a lending solution for sellers.
“Amazon came to us with this incredible idea. They’re on a mission to support and empower minority-owned businesses, just like us, so it was a great fit. The Amazon seller community is the perfect place to make these kinds of financing programs available that can truly make a difference for a lot of businesses.”Everett K. Sands, founder and CEO of Lendistry