Amex to Continue Extending Credit to Small Businesses, Not in Same Position as Smaller Banks
American Express plans to continue extending credit to small businesses despite some of the challenges in the economy, according to the company’s latest quarterly earnings call. CEO Steve Squeri said that the company isn’t in the same position as a lot of the other smaller banks right now.
“…for those credit worthy small businesses we will continue to extend credit and it could be an opportunity for us actually, provided the credit is good,” Squeri said. Part of that opportunity, Squeri explained, was in being able to service businesses that historically had not considered them a “lender of first resort.”
Amex’s business loan division was formerly known as Kabbage. It rebranded to Business Blueprint in January.
Broadly, times are good for Amex. The company experienced a record-setting first quarter with $14.3B in revenue and a healthy profit of $1.8B.Last modified: April 20, 2023