 Walmart sellers invited to try for credit |
Source |
American Shipper |
Post Date |
09/25/2020 |
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Walmart Inc. said Tuesday that its inviting some of its third-party e-commerce sellers to apply for lines of credit from a subsidiary of Goldman Sachs Bank USA.
Marcus by Goldman Sachs is an online-only bank that normally offers only personal loans and savings accounts. However, its giving eligible marketplace sellers access to capital through a partnership with Walmart.
Jeff Clementz, vice president of Walmart Marketplace, said in a news release that the expanded assortment of merchandise offered by its third-party sellers has largely contributed to the increased business on Walmart.com. The marketplace delivered triple-digit growth in the last quarter, he said.
"Lines of credit offer businesses the flexibility to access money when they need [it], which could help them move fast and meet surging customer demand," Clementz said. "It could also help fund innovation as were all working to adapt to constantly changing customer behavior and preferences."
Sellers in good standing with the Bentonville-based retailer and who meet Marcus criteria will get an emailed invitation to apply, Walmart said. Marcus will conduct credit and other checks on the business and its owners.
Applicants must own a U.S. business thats at least 2 years old; have a U.S. business checking account; own at least 25% of the business; and have the authority to apply for credit for the business.
Those approved can access fixed-rate lines of credit between $10,000 and $75,000. Marcus plans to substantially increase the maximum line amount available in the future, Walmart said.
Marcus offers competitive interest rates, with the most creditworthy businesses qualifying for the lowest rates, the retailer said.
Walmart shares rose $1.24, or 0.90%, to close Tuesday at $138.31.
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