Goldman Sachs, Amazon to offer US small-business loans: Report
Goldman Sachs Group and Amazon Inc. are reportedly in advanced talks to offer loans to U.S. small businesses, according to The Financial Times.
The move comes as banks continue to step up efforts to build technology to offer loans across Amazon Lending, people familiar with the matter told the Times. The lending platform helps businesses receive loans quickly and without application fees or prepayment penalties, according to the tech giant's website.
The bank declined to comment on FOX Business' request to confirm or comment on the report.
A view of the Goldman Sachs stall on the floor of the New York Stock Exchange in New York, U.S. REUTERS/Brendan McDermid/File Photo
Amazon also declined to comment, but a spokesperson told the Times lending is "part of the services, tools, programs and infrastructure we provide to our selling partners, mostly small and medium-sized businesses, who account for more than half of everything sold in Amazon's stores."
GOLDMAN SACHS IS MAKING SWEEPING CHANGES TO MATCH PEERS
Goldman CEO David Solomon told shareholders that the bank would be boosting returns through revenue from new consumer banking and wealth management sources, the Times reported.
Amazon worker loading Amazon van. (AP Photo/Ted S. Warren)
Goldman teamed up with Apple in March to allow those with Apple Cards to use them with the bank.
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The card, which describes itself as the "power of iPhone in a credit card," is located in its Wallet app and gives its consumers "Daily Cash" back for each purchase made and gives consumers a better idea of what they spend money on. There are no fees associated with the card, and users must have an iPhone to use it.
The card used the Mastercard network and is the first created by Goldman.
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FOX Business' Kathleen Joyce contributed to this report.
