Amazon has lent more than $1 billion to small businesses in the last
12 months
Amazon provides small businesses access to more than 300 million
active customer accounts worldwide
SEATTLE--(BUSINESS WIRE)--Jun. 8, 2017--
(NASDAQ: AMZN) – Amazon today announced Amazon Lending surpassed $3
billion in loans to small businesses to date since the program launched
in 2011. Amazon Lending offers short-term business loans, for up to 12
months, to invited micro, small and medium businesses selling on Amazon
to help them grow their business. With access to more than 300 million
active customer accounts worldwide, Amazon provides small businesses the
opportunity to quickly reach customers in their neighborhood and around
the globe.
“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, Vice President 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.”
Facts about Amazon Lending:
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In the last 12 months, Amazon has lent more than $1 billion to small
businesses.
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More than 20,000 small businesses have received a loan from Amazon.
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More than 50 percent of the small businesses Amazon lends to take a
second loan from Amazon.
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Amazon has issued loans to small businesses across the U.S., U.K., and
Japan.
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Invited small businesses are able to apply for loans ranging from
$1,000 to $750,000.
Half of the items sold on Amazon worldwide are from small businesses
that offer their products through Amazon Marketplace, many of whom also
choose to use Fulfillment by Amazon as a way of making their items Prime
eligible. Small businesses and entrepreneurs selling on Amazon come from
every state in the U.S., and from more than 130 different countries
around the world. Amazon began inviting small businesses to sell on
Amazon to increase selection and ensure customers could find and
discover anything they wanted to buy online.
“Amazon has had a hugely positive impact on our business,” said Caleb
Light, Vice President of Sales for Power Practical, in Salt Lake City,
Utah. “Traditional funding vehicles wouldn't support our model of direct
to consumer and we needed help. Amazon stepped in and is a great partner
for us. The loans from Amazon Lending enabled us to expand inventory and
resulted in us having a very strong and successful 2016.”
“Customers expect to be able to buy LonoLife on Amazon. The loan from
Amazon Lending gave LonoLife the ability to procure bulk raw materials
and packaging to build inventory to keep up with incredible customer
demand,” said Lawrence Holland, President of LonoLife Inc., based in
Oceanside, Calif. “Amazon’s willingness to provide LonoLife capital
ensured that we are able to keep our products in stock and gave us the
opportunity to grow our product offering.”
Businesses interested in selling on Amazon can visit http://services.amazon.com.
To view inspiring stories of inventors, authors, and small business
owners who are transforming their lives and pursuing their dreams with
Amazon, check out Transformations.
About Amazon
Amazon is guided by four principles: customer obsession rather than
competitor focus, passion for invention, commitment to operational
excellence, and long-term thinking. Customer reviews, 1-Click shopping,
personalized recommendations, Prime, Fulfillment by Amazon, AWS, Kindle
Direct Publishing, Kindle, Fire tablets, Fire TV, Amazon Echo, and Alexa
are some of the products and services pioneered by Amazon. For more
information, visit www.amazon.com/about
and follow @AmazonNews.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170608005415/en/
Source: Amazon.com, Inc.
Amazon.com, Inc.
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