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Amazon provides more than $3B in loans to small businesses

Amazon.com Inc. loaned more than $3 billion to more than 20,000 small businesses since Amazon Lending program launched in 2011.

Under the program, the e-commerce giant extends short-term business loans ranging from $1,000 to $750,000 for up to 12 months. The loans are extended to invited micro, small and medium businesses that operate on Amazon's platform.

The company has extended more than $1 billion in loans to small businesses in the last 12 months, with more than 50% of the small businesses taking out a second loan. Amazon Lending has issued loans to small businesses across Japan, the U.S. and United Kingdom.