Amazon backs SMEs
AMAZON is taking on Britain’s banks by ramping up lending to small businesses.
The company launched its Amazon Lending arm six years ago to provide credit for independent sellers using its Marketplace website and has now lent £2.3 billion to customers in the UK, US and Japan.
The operation has been so successful – with £800 million lent in the past year alone – that Amazon is now reportedly considering expanding to more of the two million firms which use its platform.
Peeyush Nahar, vice-president of Amazon Marketplace, said most sellers used the extra cash to buy stock.