American Express launches products for small businesses

NEW YORK (AP) — American Express is launching a suite of financial services products for small businesses, aiming to increase its presence in the small business sector.

Called Business Blueprint, the service comes from the 2020 acquisition of fintech Kabbage by the credit card giant. From cash flow management hubs to business cards and lines of credit, under the name American Express Business Blueprint.

Small businesses often have difficulty securing loans because they don’t have established credit scores and often don’t have much capital on hand. Some fintech providers have stepped in to offer loans to small businesses, often at higher interest rates compared to traditional banks. , varying from 2% to 9% for 6-month loans to 15.75% to 27% for 18-month loans.

However, AmEx says the Business Blueprint is more than just a loan. It’s designed to help small businesses do a variety of tasks that they might otherwise do separately: take out loans, pay bills and vendors, accept card payments, all in one place. It has been.

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