Alibaba.com Partners with Lending Club

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Online marketplace Lending Club and Alibaba.com announced the launch of a strategic multi-year partnership making Lending Club the solution for point of sale business financing for up to $300,000 for Alibaba.com’s  U.S. business buyers.

Under this partnership, and a newly formed product called “Alibaba.com e-Credit Line powered by Lending Club,” according to a press release.  U.S.-based business buyers can apply for the critical working capital they need when purchasing goods from China-based suppliers on Alibaba.com.

“Our mission is to make it easy to do business anywhere.  We want to make financing as efficient as possible for the millions of U.S. buyers that do business through Alibaba.com and are pleased to bring Lending Club’s simple, low cost and transparent financing products to our U.S. buyers,” said Michael Lee, global marketing and business development director for Alibaba.com.

“We share Alibaba.com’s commitment to enabling frictionless global ecommerce by U.S. small business,” said Lending Club’s founder and CEO Renaud Laplanche.  “We believe that access to affordable credit through Alibaba.com and the Lending Club platform can become a competitive advantage for small businesses across America.”

With this new product, U.S.-based small business can apply in under five minutes through a streamlined process and obtain a line of credit from $5,000 to $300,000 to make a payment to a supplier for purchases on Alibaba.com.  The line of credit matches repayment terms to the cash flow cycles of the business,  vets suppliers interest rates start at 0.5%.