Small business sellers who sell using Amazon’s platform will receive an invitation to apply for credit lines up to USD 1 million through Marcus, Goldman’s consumer banking arm. The revolving credit lines will come with fixed interest rates between 6.99% and 20.99%.
The project named ‘Augusta’ within the investment bank has been in development for two years and will expand Amazon’s existing small business lending program. Amazon considered creating an online lending marketplace in which Goldman would have been one of the lenders but opted to work exclusively with Goldman instead.
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