Working capital marketplace C2FO has partnered with Marcus by Goldman Sachs to offer unsecured financing to eligible SMEs.

The partnership seeks to expedite access to capital for small businesses which are facing difficulties to secure financing amid the pandemic.

As agreed, eligible businesses on the C2FO platform can apply for financing starting this summer.

The programme will offer loans up to $1m, based on requirements and credit worthiness. The applications also require credit approval by Goldman Sachs Bank USA.

According to C2FO, it will provide specific loan offer terms in minutes and a final decision in two business days in most cases.

Additionally, the unsecured financing will not require assets to be held as collateral.

C2FO founder and CEO Alexander “Sandy” Kemper said: “Access to affordable working capital remains a challenge for businesses and supply chains around the world.

“With this partnership, we are increasing access to low-cost, convenient capital just as we have been working to do since 2010 through our accelerated payment programs. Giving smaller businesses multiple ways to access working capital will help them grow and prosper.”

Marcus by Goldman Sachs Lending head Abhinav Anand said: “We see this as a continuation of our strategy of bringing innovative products to consumers and small businesses through partnerships.

“Combining C2FO insights into businesses with our digital platform and strong risk capabilities, we can offer small businesses access to flexible working capital products.

“Goldman Sachs has announced multiple initiatives to support small businesses in the U.S. and we at Marcus want to play our part.”

In February this year, Goldman Sachs reintroduced its Marcus savings account to new UK investors.