Amazon partners with Bank of America for lend-tech leap

Amazon is partnering with Bank of America as part of an effort to expand its lend-tech program for small businesses that sell on Amazon. Amazon Lending is an invitation-only program that makes loans for firms that find it difficult getting traditional business loans. Loans are made of between USD 1,000 and USD 750,000, with terms of up to 1 year. In June 2017, Amazon said it issued more than USD 1 billion in loans during the previous 12 months, compared to the combined USD 1.5 billion in the four years prior to that.

Although the exact details of the partnership are unknown, partnering with Bank of America allows Amazon to reduce its risk and access capital as it works to provide credit to more merchants.

Source: www.bankingtech.com