Goldman Sachs' Marcus branches further into US SMB lending through C2FO partnership
Summary List Placement Goldman Sachs' direct bank Marcus is deepening its involvement in lending to US small and medium-sized businesses (SMBs) through a new partnership with working capital platform C2FO. Marcus will start offering loans to C2FO users this summer, with amounts ranging from $10,000 to $1 million and coupled with fixed interest rates—borrowers' creditworthiness and financial needs will be underwriting factors. Additionally, Marcus will not require borrowers to have assets designated as collateral, removing what has historically been an obstacle for some SMBs. The partnership is intended to offer a fast review process, with loan term offers generated in minutes and lending decisions given in two business days. Marcus' collaboration with C2FO is the latest among the direct bank's SMB lending partnerships, following deals it struck over the past year with retail giants to lend to their sellers. Amazon: The direct bank partnered with the etailer last June to make lines of credit available to thousands of platform sellers in amounts of up to $1 million, with interest rates ranging from 6.99% to 20.99%.
Goldman Sachs' Marcus branches further into US SMB lending through C2FO partnership
Summary List Placement Goldman Sachs' direct bank Marcus is deepening its involvement in lending to US small and medium-sized businesses (SMBs) through a new partnership with working capital platform C2FO. Marcus will start offering loans to C2FO users this summer, with amounts ranging from $10,000 to $1 million and coupled with fixed interest rates—borrowers' creditworthiness and financial needs will be underwriting factors. Additionally, Marcus will not require borrowers to have assets designated as collateral, removing what has historically been an obstacle for some SMBs. The partnership is intended to offer a fast review process, with loan term offers generated in minutes and lending decisions given in two business days. Marcus' collaboration with C2FO is the latest among the direct bank's SMB lending partnerships, following deals it struck over the past year with retail giants to lend to their sellers. Amazon: The direct bank partnered with the etailer last June to make lines of credit available to thousands of platform sellers in amounts of up to $1 million, with interest rates ranging from 6.99% to 20.99%.