Alibaba Group has teamed up with Lending Club, a San Francisco-based firm that matches up borrowers and lenders, to make it easier for American businesses to buy from Chinese suppliers.
The partnership will enable small businesses in the US to “apply in under five minutes” for a loan of up to US$300,000 towards purchases from suppliers on Alibaba’s wholesale e-commerce platform, CNN Money reported Tuesday.
Interest rates can be as low as 0.5 percent, the report said.
Alibaba already has “millions” of registered small business users from the US, both as buyers and sellers, Quartz cited a company spokesperson as saying.
The Chinese e-commerce giant will seek to expand the Lending Club partnership to the UK and Australia next, the person said.
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