Amazon is giving UK-based businesses access to funding linked to their sales via a flexible financing program the company launched this week.
The e-commerce giant teamed up with YouLend, a financing provider, to offer financing options to small and medium-sized businesses in the UK who are currently selling on Amazon.co.uk.
According to Amazon, the new flexible financing program will give merchants more access to funds to grow their business—whether that’s by investing in new tools they may need or leveraging the funds for their marketing efforts. Businesses can apply for funding anywhere from £500 up to £2 million.
Amazon Lending’s Samarth Gogia noted that, “we’ve heard from Amazon sellers in the UK how much they value fast, flexible, and accessible funding, which is why we’re excited to announce a merchant cash advance that expands our range of funding options for Amazon sellers. In collaboration with YouLend, this new option will allow sellers to increase their cash flow with confidence, allowing them to make repayments based on how their business is performing.”
Supporting Small Businesses
Amazon has been making efforts to support businesses both large and small—but particularly the latter.
Last year, the company teamed up with Lendistry to drive small business growth through its Amazon Community Lending program, which offers urban and rural small businesses “in socially and economically distressed communities through short-term loans.”
Since the launch of the program, more than $35 million was loaned to roughly 800 sellers, and Amazon plans to loan more than $150 million by 2025 to small businesses selling goods in its Amazon US store.
