To support what has become an important part of its online business, Walmart said that Marcus by Goldman Sachs will invite its eligible marketplace sellers to apply for lines of credit offered.
According to Jeff Clementz, vp/Walmart Marketplace, approved sellers will have initial access to credit lines ranging from $10,000 to $75,000. Plans call for substantially increasing the maximum line amount available in the future. The rates are competitive, he added, with the most creditworthy businesses qualifying for the lowest rates.
Access to affordable capital is more important than ever as businesses large and small work to grow their businesses, Clementz maintained, noting that Walmart wants to boost marketplace sellers as it expands operations and that lines of credit can help them move fast and meet customer demand. And they could help fund innovation as Walmart and its marketplace partners adapt to constantly changing customer behavior and preferences.
Walmart.com is becoming the primary shopping destination for many Walmart customers, Clementz observed, and the company’s expanded marketplace assortment is a big reason why. Last quarter, Walmart’s marketplace delivered triple-digit growth, he pointed out.