Walmart said that it is inviting some third-party e-commerce sellers to apply for lines of credit from a subsidiary of Goldman Sachs Bank in the USA.
Marcus by Goldman Sachs is an online-only bank that usually only offers personal loans and savings accounts. However, it gives qualified market vendors access to capital through a partnership with Walmart.
Walmart’s Vice President of Market Place, Jeff Clements, said in a press release that the expanded assortment of merchandise offered by third-party sellers has greatly contributed to the increase in business on Walmart. He said the market had a 3-digit growth in the last quarter.
“Lines of credit give companies the flexibility to access funds when they need it, which may help them move quickly and meet growing customer demand,” Clements said. “It can also help fund innovation because we all work to adapt to constantly changing customer behavior and preferences.”
Walmart said that sellers with a good reputation with a Bentonville retailer who meet Marcus’ criteria will receive an email invitation to apply. Marcus will perform credit and other checks of the company and its owners.
Applicants must own a US company that is at least two years old; You have a US commercial checking account; Owns at least 25% of the business; And you have the authority to apply for business credit.
Creditors can access fixed rate lines of credit between $ 10,000 and $ 75,000. Walmart said Marcus plans to significantly increase the maximum amount of line available in the future.
The retailer said Marcus offers competitive interest rates, with the most creditworthy companies qualifying for the lowest rates.
Walmart shares rose $ 1.24, or 0.90%, to close Tuesday at $ 138.31.