The services, called Business Blueprint, stem from the credit card giant's acquisition of fintech
Small businesses often have difficulty securing loans since they lack established credit scores and often don’t have a lot of capital on hand. Some fintech providers have stepped in to offer loans to small businesses, but often at steeper rates compared to traditional banks. Rates on AmEx Business Blueprint line of credit loans vary widely — from from 2% to 9% for a six-month loan to 15.75% to 27% for an 18-month loan.
AmEx said Business Blueprint is about more than just loans, however. It is designed to let small businesses conduct a wide range of tasks they might otherwise do separately — taking out loans, paying bills and vendors, and accepting card payments — all in one place.
AmEx aims to be a “digital one-stop shop for small businesses financial needs,” said
It’s free to sign up for Business Blueprint, and its digital financial products are available at varying rates. The service launches Tuesday.
AmEx has been trying to broaden its business beyond its traditional revenue sources: fees charged to merchants that accept its card and fees paid when a customer doesn't pay off their entire charge card balance each month. On Friday,
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