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Alibaba.com Partners with Lending Club to Offer Loans to SMEs in the U.S.

Alibaba logo 200The Alibaba Group’s B2B e-commerce arm, Alibaba.com, announced the formation of a partnership with the Lending Club, a San Francisco-based lending company listed on the New York Stock Exchange, to provide credit loans to small- and medium-sized businesses (SMEs) in the U.S.

U.S.-based SMEs can now apply for credit lines from US$5,000 to US$300,000 through Alibaba.com to finance purchases of goods from Chinese suppliers. Named Alibaba.com e-Credit Line, the new service is provided by Lending Club and aims to provide efficient supply-chain financing at lower costs than banks and conventional lenders.

Source: Business Strategies Group  Hong Kong  –  www.bsgasia.com

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