American Express announced a new addition to its suite of business financing products, which are designed to help businesses with access to working capital and short-term financing: Business Loans. Business Loans offer small businesses quick access to unsecured loans up to $50,000, to grow their business or to consolidate debt. Businesses can apply for the loans through a simple online process and receive a decision in as little as 60 seconds.

“Our research shows that nearly three-quarters (74%) of small businesses have a positive view of the economy, and more than half (57%) have plans to make capital investments,” said Gina Taylor Cotter, General Manager and Senior Vice President, Global Commercial Financing for American Express. “Small businesses need access to capital with an easy application process and at competitive rates. We designed Business Loans to help address this need for smaller, general purpose loans that can help businesses make critical equipment purchases or renovations to keep up with growing demand, or consolidate business debt to help with cash flow.”

Business Loans provide versatile funding that small businesses can use to pay for purchases, pursue growth opportunities, consolidate debt and even lower their monthly payments. Select American Express OPEN® Card Members receive an invitation to apply that includes a loan amount and rate (which can be as low as 6.98% APR), personalized for their business. They choose to pay back their loan over one, two, or three years. Funds are disbursed typically within 3 to 5 business days upon approval and come with the safety, security and customer service of American Express.