In what has been called a shot across Square’s box, American Express has racked up some headlines today with the announcement that American Express is right on the cusp of going live with an online lending platform that will be geared toward small business clients. The move is a direct jab at many big name startup players like Square Capital or OnDeck.
So what are the highlight figures to keep in mind?
$75,000 | The upper range of one of American Express’ new small business loans
$1,000 | The minimum amount of one of Amex’s new SMB loans
2 | The number of days it will take Amex to clear funds into client accounts once a loan is approved
1.5% | The interest rate on a loan carried for 90 days
.5%| The interest rate on a loan that is carried for 30 days or less
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