eBay and LendingPoint team up to offer $ 25,000 to qualifying sellers – Footwear News

For many retailers in the United States, government PPP loans were a critical source of funding during a difficult quarter.

For individual sellers, however, these loans may have been difficult or even impossible to access, leaving much of the population in dire financial straits. A new partnership between eBay and the FinTech LendingPoint platform will address this need, providing eBay sellers with access up to $ 25,000.

The pandemic the impact on retail supply chains continues to impact across the industry as brands and merchants struggle with cash flow and inventory issues. Small businesses and minority-owned businesses have been particularly affectedwith many unable to access sufficient capital and without a financial safety net to weather the storm without assistance. Even those who have received PPP loans may now have used up most, if not all, of the funding.

Through this new partnership, eBay has created eBay Seller Capital powered by LendingPoint. The program will create access to installment loans for its vendors, starting with a small group in a pilot program. Eligible sellers will be able to receive up to $ 25,000, accessible within one business day, and available with flexible terms of up to 48 months. There will be no cost for the loan origination or early repayment.

“The purpose of LendingPoint is to accelerate and democratize commerce,” said Tom Burnside, CEO and co-founder of LendingPoint. “We are excited to be able to use the data and technology that we have integrated into our platform to help eBay sellers achieve their dreams; EBay sellers are among the fastest growing e-commerce players in the world. “

Thanks to the funding, sellers can help alleviate cash flow problems and invest in their digital consumption experience – a critical area of ​​interest for retailers of all kinds at this time. A recent McKinsey study estimated that the e-commerce market has grown for 10 years in three months this year, which has left many sellers catching up. With the right investments, traders can be able to establish themselves for long term success; these loans provide a useful opportunity to achieve this.

“We are committed to empowering entrepreneurs to make their dreams come true and we continue to partner with our sellers to provide them with the tools they need to thrive,” said Alyssa Cutright, vice president of global payments at eBay. “The program with LendingPoint will provide critical funding opportunities for eBay sellers, especially during these uncertain economic times.”

The program is expected to roll out to all eligible US sellers by the end of the year; eBay Seller Hub, which is free to use, is also only available to US sellers, although there are plans to expand into international markets. With the deadline to apply for the PPP loan expiring on June 30, this could prove to be an important source of funding for traders who still need financial support.


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Lois Mendez

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