Amazon and Lendistry Launch Amazon’s Community Lending Pilot Program to Drive Growth for Small and Medium-Sized Businesses
The partnership expands Amazon Lending’s trade finance options for Amazon sellers and will provide loans of up to $ 100,000 to help finance strategic business needs, such as inventory expansion, brand building and customer acquisition.
U.S.-based Amazon sellers, including those in Lendistry’s CDFI target groups, which include African-American and Hispanic-Latin American companies and others located in CDFI investment zones, are encouraged to en know more.
SEATTLE, September 21, 2021– (BUSINESS WIRE) – Today, Amazon (NASDAQ: AMZN) and Lendistry announced a joint pilot program, Amazon Community Lending, aimed at generating growth opportunities for small and medium-sized businesses (SMBs) selling in the Amazon store. The program is a new option for financing businesses through Amazon Lending. Amazon Community Lending will provide US-based Amazon sellers, almost all of whom are SMBs, access to short-term loans of up to $ 100,000 at competitive and affordable rates to support and grow their businesses.
Lendistry is a minority-run, community development finance institution (CDFI) serving small urban and rural businesses in socially and economically struggling communities. The majority of the funds that Lendistry has historically disbursed has gone to traditionally low to moderate income business owners and other historically disadvantaged business owners and the communities they serve, including African American populations and Hispano-Latinos, and individuals from investment zones designated by the CDFI. All US-based Amazon sellers are encouraged to learn more and determine if Lendistry’s financing options are right for their business needs.
“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 US businesses,” said said Dharmesh Mehta, Amazon vice president for Worldwide Consumer Confidence and Partner Support. “Lendistry shares our commitment to advocating for underrepresented populations of business owners, knowing that they often do not have access to traditional methods of accessing capital and similar economic opportunities.”
Amazon sellers make up more than half of all units sold in the Amazon store. Together, Amazon and Lendistry have developed a loan solution specifically designed for sellers. Lendistry will provide term loans targeting a range of $ 10,000 to $ 100,000 with terms of up to two years and annual percentage rates typically between 8% and 9.9%.
U.S.-based Amazon sellers are encouraged to learn more and determine if Lendistry’s financing options are right for their business needs. Amazon sellers can use the working capital to grow their business in the Amazon store and to cover other strategic business needs, such as personnel and operating costs, inventory, development and manufacturing product and marketing efforts to develop their brands and develop their customer base.
“Amazon came to us with this amazing idea,” said Everett K. Sands, Founder and CEO of Lendistry. “Their mission is to support and empower minority-owned businesses, just like us, so it was an ideal choice. The Amazon seller community is the perfect place to provide these types of fundraising programs that can really make a difference to a lot of businesses. “
Amazon Lending began offering loans to businesses selling in the Amazon store in 2011, knowing that a timely infusion of capital could put small business sellers on the path to success. So far this year, Amazon and its third-party lending partners have loaned more than $ 800 million to small and medium-sized businesses in the United States to support their growth.
In 2020, Amazon invested more than $ 18 billion in the success of its third-party business partners, including tools, services, programs, infrastructure, and people. To learn more about how Amazon invests in the success of entrepreneurs, craftspeople, and small businesses, visit aboutamazon.com/supporting-small-businesses.
Amazon is guided by four principles: customer obsession rather than focus on competitors, passion for invention, commitment to operational excellence, and long-term thinking. Amazon strives to be the world’s most customer-centric company, the world’s best employer, and the world’s safest workplace. Customer reviews, one-click purchases, personalized recommendations, Prime, Fulfillment by Amazon, AWS, Kindle Direct Publishing, Kindle, Career Choice, Fire tablets, Fire TV, Amazon Echo, Alexa, Just Walk Out technology, Amazon Studios and The Climate Les pledges are some of the things that Amazon has come up with. For more information, visit amazon.com/about and follow @AmazonNews.
BSD Capital, Inc. dba Lendistry (lendistry.com) is a technology-enabled, minority-led small business and commercial real estate lender with Community Development Financial Institution (CDFI) and Community Development Entity (CDE) certification. Lendistry ranks second nationally in SBA Community Advantage Loans, providing responsible financing to small business owners and their underserved communities. Lendistry is a member of the Federal Home Loan Bank of San Francisco, headquartered in an opportunity area of Los Angeles. During the COVID-19 pandemic, Lendistry provided Paycheck Protection Program (PPP) loans to small businesses in all 50 states and was selected by the states of California, Pennsylvania, and New York to administer their assistance programs. small businesses, which distributed grants to businesses. who lost significant income during the pandemic. Lendistry and its non-profit partner organization, The Center by Lendistry, are dedicated to providing economic opportunities and incremental growth to underserved small urban and rural businesses and their communities.
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