From CU Times, Amazon.com has announced it has already began lending money to small business through Amazon Capital Services, Inc. The loans are expected to range from $1,000 to $38,000 with tiered interest rates starting at 1% APR. While this is nothing new in the financial industry, it is a new move for the online retail giant.
I may be a simple kangaroo, but I can certainly tell this is a big deal. Competition is always a good thing, but Amazon.com is one of those that can be a little intimidating. What will your credit union do to counter this move? Or is it a welcome addition to the financial landscape? More on the store here.