CEBS offers a variety of financing products to support the army of 300,000 small and medium sized businesses that sell via the UK platform to 29 million active monthly buyers and is eBay’s biggest push into financial services to date, since it started rolling-out the management of payments made on the platform in 2020.
The launch of CEBS follows new research, released from eBay UK, which finds a third (31%) of the UK’s 5.9 million small businesses face going bust in under a month due to inadequate access to financing.
The research also found that two in five (40%) small businesses have been denied a loan from a bank, while one in three (31%) have been turned down for a loan by the government. When considering COVID-19 loans specifically, 44% said they have not accessed any Covid support in the past 12 months.
YouLend is the first of three financing platforms announced as part of CEBS, giving eBay business sellers access to funding ranging from GBP 500 to GBP 1 million, which is then repaid directly from their sales. With eBay already having access to seller trading history and performance, eligible sellers only need to complete a simple application form, receiving offers in minutes, with more than 90% of sellers receiving funds the very same day they accept an offer, as the press release says.
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