American Express Announces Launch of Financial Service Products for Small Businesses

American Express is launching a suite of financial service products for small businesses as it aims build up its presence in the small business sector.

The services, called Business Blueprint, stem from the credit card giant’s acquisition of fintech Kabbage in 2020. American Express had been offering small business lines of credit and other services under the Kabbage moniker, but now it will replace those with a suite of products — from a cash flow management hub to business checking accounts and lines of credit — under the name American Express Business Blueprint.

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.

Read the source article at apnews.com