Amazon has teamed up with Lendistry, a minority-led Community Development Financial Institution (CDFI), to launch the Amazon Community Lending Pilot Program.
Together, the goal is to support the growth of minority-owned small and medium-sized businesses (SMBs) from low-to-moderate income areas by making funding options more accessible through non-traditional methods (i.e., online lending).
Business owners from the Hispanic-Latino and African American communities in the US are highly encouraged to apply. Funding is also available to individuals from investment areas designated by the CDFI.
Features of the Community Lending Program
The financing program gives SMBs selling on Amazon access to loans of up to $100,000, which borrowers can use for various business purposes (see below). Monthly repayments can be spread out over two years with 8% to 9.9% Annual Percentage Rates (APRs).
Benefits of the Community Lending Program
- Access working capital to fuel business growth
- Cover costs associated with staffing and operations
- Buy or replenish inventory
- Invest in product research and development
- Boost marketing efforts
- Leverage Lendistry’s one-on-one consulting, webinars, and on-demand educational classes
How to apply?
Check your eligibility here. Or, visit Amazon Lending for more information.
