News this week: The 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.
Lending Club’s founder and CEO, Renaud Laplanche, said, “The hope is over
time, as we continue to work together, we will collect more and more data on
the Alibaba marketplace and on transactions between specific suppliers in China
and buyers in the U.S. This will enhance underwriting and help us make
decisions faster, at lower risk, and at lower interest rates.”
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1 comment:
Is there any further reading you would recommend on this?
Amela
B2b news
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