Amazon Lending is announcing a new partnership with Marcus by Goldman Sachs which allows them to offer a Marcus Business Line of Credit built specifically for Amazon sellers based in the U.S.
Eligible sellers will receive invitations via Seller Central to apply with Marcus for the Line of Credit. Amazon started to notify some sellers on Wednesday that they are eligible to apply and will continue to introduce this new program gradually.
The Marcus Business Line of Credit offers competitive, fixed interest rates and provides Amazon sellers with the flexibility to request funds as needed, subject to approval.
This partnership expands on Amazon Lending’s existing program to support seller growth. In 2019, Amazon loaned more than $1 billion to more than 14,000 U.S-based businesses.
Since 2016, Marcus by Goldman Sachs has offered simple, transparent, and valuable products and tools designed to help consumers reach their financial goals, and now they are taking that same approach to this line of credit product for small businesses selling with Amazon.
As of May 2020, Marcus held more than $80 billion in global deposits and $7 billion in lending balances, all while serving millions of customers with the commitment to be on their side.
“We’re super excited about embarking on this journey with Amazon, and thrilled that they chose to partner with us.”
Omer Ismail, head of Goldman’s U.S. consumer business, told the network.
Amazon Leaving Credit Decision to Goldman Sachs / Marcus
Unlike Amazon Lending, which is operated and funded by Amazon, this will be the first seller lending program that leaves the underwriting to a financial institution.
Similar to Amazon Lending, Marcus will have select access to seller data and other metrics from Amazon to make lending decisions.
When an Amazon seller applies for a Marcus backed credit line, they will need to agree to allow Amazon to share select seller metrics with Goldman Sachs/Marcus as part of the loan approval process.
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Updated 6/12 – Story has been updated to include portions of the official announcement by Amazon that the program is starting now.