Finance Breaking news EBay to offer UK sellers loans last financial news
Breaking-Finance.Com - The UK arm of eBay is launching a programme to offer loans to the 300,000 small businesses that sell on its platform.
Breaking-Finance.Com - The UK arm of eBay is launching a programme to offer loans to the 300,000 small businesses that sell on its platform. The online marketplace is teaming up with YouLend on the Capital for eBay Business Sellers (Cebs) programme as it seeks to ease the cashflow crisis many of its users are going through during the pandemic.EBay struck a similar deal in 2019 with Asto Digital. However, Asto was forced to shut down earlier this year after parent Santander pulled the funding plug. At the time, sources told Finextra that Santander was working with eBay to continue supporting the programme and its mutual customers.The new Cebs programme comes as an eBay survey shows a third of the UK’s 5.9 million small businesses face going bust in under a month due to inadequate access to financing.
.Through YouLend, eBay sellers will be able to apply from loans ranging from £500 to £1 million. Eligible sellers complete a simple application form, receiving offers in minutes, with more than getting the funds the same day they accept an offer.Murray Lambell, GM, eBay UK, says: “Small businesses make up 99% of all UK businesses, yet they have been financially excluded from traditional lenders and let down by Covid support schemes. That’s led to a serious under-investment, leaving many at risk of going under while others are prevented from reaching their full potential. "Capital for eBay Business Sellers is intended to help plug this gap, giving small businesses quick access to a range of financing options. With 300,000 UK small businesses trading on eBay, this proposition will help them reinvest, protect jobs, and succeed, even as the government’s support schemes dry up."YouLend is one of three Cebs financing partners, with the other two set to be announced soon.
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