Google Is Now Offering Loans to Small Businesses; Yup. They Want to Be A Bank Too

Google is going to take over the world. They are now offering loans up to $10k to businesses that want to invest in their Adwords program; they’re going to launch in the UK first and then branch out in a few other countries. This is significant. Google already has $49 billion in cash just sitting in the bank so what better way to use it than to loan their products out to existing customers for their core business. They have already branched out into Google glasses, driverless cars, alternative energy sources, cell phones etc. They are going to take over the world one day and it’s scary. In the wrong hands … just think about it.

From the Atlantic HERE:

Google, the search engine company that also happens to do 35 other things, is expanding its horizons once again with a new financial services division. On Monday, the multi-billion dollar corporation is set to launch a new credit business in the United Kingdom with plans to expand to other countries in the next few weeks, according to the Financial Times.

Based on what we know so far, the program will let businesses take out a line of credit — between $200 and $10,000 — to spend on Google’s money-making AdWords program. Google’s treasurer Brent Callinicos told the FT that businesses just “weren’t buying Adwords as much as they need to,” and a pilot program in the United States last year showed that offering loans made customers advertise more. Callinicos admitted that the company is “not doing this to lose money” and they’re also “not trying to run the financing business as a profit centre.” Starting in the U.S. and then spreading to other countries, however, Google will issue credit cards as part of the new financing program, with initial interest rates for small- to medium-sized businesses at a competitive 8.99 percent.

Google’s treasurer says they already tested it in the UK HERE:

To make it easier for small businesses to pay for their AdWords campaigns and track their spending, last July we piloted AdWords Business Credit in the US, a credit card specifically for AdWords. More than 1,400 businesses from a variety of industries participated in the pilot — from Kuru Footwear to ‘Get Bats Out’ bat removal—and their feedback was overwhelmingly positive. In a survey conducted after the pilot launched, 74% of respondents said they now use AdWords Business Credit as their primary form of AdWords payment.

Source



Categories: Economic Exploitation, Economy, Internet, Labor, Media & Culture, Statements, U.S. News, Workers Struggle

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