Amazon Partners with Lendistry for Small Business Lending


Retail giant Amazon and minority-run community development finance institution (FI) Lendistry announced on Tuesday, September 21 a joint pilot program to help small and medium-sized enterprises (SMEs) selling on the platform Amazon to grow faster.

Amazon Community Lending is a business finance platform through Amazon Lending that will provide US-based Amazon sellers – almost all of whom are SMEs – with short-term loans of up to $ 100,000. Lendistry typically focuses its loans on small urban and rural businesses in socially and economically struggling communities, with the bulk of the money given to those with low to moderate incomes, including African Americans, Hispanics and Latinos.

“We are excited to launch the Amazon Community Lending pilot program in the United States to provide better access to critical working capital and to make the ability to sell in the Amazon store more accessible to even more small American businesses,” said Dharmesh Mehta, Amazon vice president for Global Consumer Confidence and Partner Support, said in the joint announcement.

“Lendistry shares our commitment to advocate for underrepresented populations of business owners, knowing that they often do not have access to traditional methods of accessing capital and similar economic opportunities,” he said.

As part of Amazon Community Lending, Lendistry will offer term loans of $ 10,000 to $ 100,000 for up to two years with annual percentage rates between 8% and 9.9%. Amazon sellers can use the money to grow their business and pay for personnel and operating costs, product development, manufacturing, and marketing.

“Amazon came to us with this incredible idea,” said Everett K. Sands, founder and CEO of Lendistry, in the joint announcement. “Their mission is to support and empower minority-owned businesses, just like us, so that was a great solution. The Amazon seller community is the perfect place to provide these types of fundraising programs that can really make a difference for many businesses. “

Related news: Amazon Career Day sees over 1 million job applicants

Meanwhile, more than one million people from over 170 countries applied for jobs at Amazon on its Virtual Career Day 2021 last week.

Amazon has around 1.3 million workers in the United States, making it the country’s second-largest private employer behind Walmart.

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NEW PYMNTS DATA: TODAY’S SELF-SERVICE PURCHASE JOURNEY – SEPTEMBER 2021

On: Eighty percent of consumers want to use non-traditional payment options like self-service, but only 35 percent were able to use them for their most recent purchases. Today’s Self-Service Shopping Journey, a PYMNTS and Toshiba Collaboration, analyzes more than 2,500 responses to find out how merchants can address availability and perception issues to meet demand for self-service kiosks.

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