B2B Payments

American Express Expands SMB Lending Services

American Express is expanding its small business lending services. The company said Thursday (Oct. 12) it is rolling out a new suite of small business financing products.

Business Loans, as the services are called, provide small and medium-sized businesses (SMBs) with working capital and short-term financing solutions, American Express said in a press release, enabling small businesses to access up to $50,000. The funding can be used for business expansion or debt consolidation, according to the news piece.

In a statement, Gina Taylor Cotter, American Express general manager and senior vice president of global commercial financing, said the new services aim to take advantage of the current small business optimism.

“Our research shows that nearly three-quarters, 74 percent, of small businesses have a positive view of the economy, and more than half, 57 percent, have plans to make capital investments,” Cotter said. “Small businesses need access to capital with an easy application process and at competitive rates. We designed Business Loans to help address this need for smaller, general purpose loans that can help businesses make critical equipment purchases or renovations to keep up with growing demand, or consolidate business debt to help with cash flow.”

Business Loans will be offered to select existing users of the American Express OPEN Card. Borrowers can repay loans over one, two or three years, the company explained, and SMBs can apply for the loans online and typically receive financing within five business days after approval.

The suite of loan products joins American Express’ existing SMB financing services, which include Marchant Financing and Working Capital Terms.

Earlier this year, in another move to strengthen its B2B offerings, American Express announced a partnership with Regal Software Technologies to help companies pay invoices on the Regal platform using American Express Corporate Cards. The solution, RegalPay Payables Automation with American Express, integrates into the RegalPay accounts payable system and supports the use of virtual cards for B2B invoice payment.

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