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American Express Introduces New Small Business Financing Product

What's the greatest challenge for small businesses? Financing! That's why companies like Wells Fargo and Square have developed products that offer flexible loan solutions for small businesses. It helps them pay their vendor bills and free up more cash. American Express is joining the game with a new product called Working Capital Terms.

Available to existing AmEx customers

Candidates for the new financing product are existing small business AmEx cardholders. The product is designed to finance only vendor invoices. It works by financing amounts ranging from $1,000 to $750,000. The funds are deposited into the business's account in as little as two days, and AmEx makes the payments directly to the vendors in a way that looks like the payments are coming directly from the business.

The service is specifically for paying vendor bills. This helps small businesses manage cash flow more easily, and it helps to build their credit which could be a huge benefit when applying for a bank loan later. The new AmEx service promises to service a financing gap for small businesses that lies between bank loans and loans from alternative lenders.

Competitive rates

The new program boasts rates that are competitive with loans from the U.S. Small Business Administration (SBA). The fees are 0.5% for a 30-day loan and 1.5% for a 90-day loan.


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