eBay is joining forces with online lender LendingPoint to provide seller financing to entrepreneurs and businesses.
Through the eBay Seller Capital program, merchants on the eCommerce platform can borrow up to $25,000.
“We’re excited to make flexible financing options available that are integrated with our new payments experience,” Alyssa Cutright, vice president of global payments at eBay, said in a statement.
The pilot program is currently being made available to select sellers and those who apply can expect to receive the funding in as little as one business day. The program offers flexible installment terms of up to 48 months, allowing sellers to choose a repayment program that best suits their specific budget needs. LendingPoint will not charge origination fees or early payback fees.
“LendingPoint’s purpose is to accelerate and democratize commerce,” said Tom Burnside, CEO and Co-Founder of LendingPoint. “We are thrilled to be able to use the data and technology we have built into our platform to help eBay sellers achieve their dreams. eBay sellers are some of the world’s most dynamic eCommerce players and our Loan Operating System will help them access the financial tools they need to achieve even greater success with their businesses.”
The program will be open to all eligible sellers in the U.S. later this year. eBay and LendingPoint also plan to offer eBay sellers with more tools to help run their businesses in the future.