eBay UK has revealed its new finance programme to help small businesses to rebuild if affected by a cashflow crisis due to the coronavirus pandemic.
The Capital for eBay Business Sellers (CEBS) programme offers a connection to financing to support the 300,000 small and medium-sized businesses that sell via eBay UK to 29m active monthly buyers, explained the ecommerce platform.
YouLend is the first financing platform announced as part of CEBS, which will give eBay business sellers access to funding ranging from £500 to £1m.
“Eligible sellers only need to complete a simple application form, receiving offers in minutes, with more than 90% of sellers receiving funds the very same day they accept an offer,” added eBay UK.
“This solution helps small businesses overcome the many challenges that have left them financially excluded from high-street bank loans and Covid support schemes.
“Lengthy application forms, years of trading history, high interest rates and high-risk payment structures are just some of the pain points that CEBS aims to remove for business sellers in need of finance.”
“Small businesses make up 99% of all UK businesses, yet they have been financially excluded from traditional lenders and let down by Covid support schemes,” commented Murray Lambell, general manager at eBay UK.
“That’s led to a serious under-investment, leaving many at risk of going under, while others are prevented from reaching their full potential.
“Capital for eBay Business Sellers is intended to help plug this gap, giving small businesses quick access to a range of financing options. With 300,000 UK small businesses trading on eBay, this proposition will help them reinvest, protect jobs and succeed, even as the government’s support schemes dry up.”
Jakob Pethick, chief commercial officer of YouLend, added: “Our focus is on giving leading e-commerce platforms, tech companies and payment service providers the ability to offer their customers rapid funding through our technology platform.
“We’re delighted to partner with eBay UK to support their business sellers thrive and grow.”