Walmart and financial services giant Goldman Sachs are teaming up to help the retailer’s “Marketplace” customers gain access to lines of credit.
[Walmart:] “Starting today, eligible Marketplace sellers will be invited to apply for lines of credit offered by Marcus by Goldman Sachs… initially, approved sellers will have access to lines of credit from Marcus between $10,000 and $75,000, and plans are to substantially increase the maximum line amount available in the future…”
Having a line of credit means a business can draw on the amount it qualifies for as needed. Such funds “could help businesses “move fast and meet surging customer demand. It could also help fund innovation – as we’re all working to adapt to constantly changing customer behaviors and preferences”… Small to medium-sized businesses (SMBs) ” are critical for our communities to succeed, and we will continue looking for ways to help them navigate these unprecedented times.”
In June, Walmart announced that it was collaborating with Shopify, the eCommerce platform, to expand its Marketplace and seek a bigger share of online shopping and selling.