Friday, February 06, 2015 partners to offer loans in U.S.

News this week: The Alibaba Group’s B2B e-commerce arm,, 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 to finance purchases of goods from Chinese suppliers. Named 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:

Unknown said...

Is there any further reading you would recommend on this?

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