Under the newly formed partnership and a new product called Alibaba.com e-Credit Line powered by Lending Club, US-based business buyers can apply for the working capital they need when purchasing goods from China-based suppliers on the trading platform Alibaba.com.
With this new product, a US-based small business can apply through a streamlined process and obtain a line of credit from USD 5,000 to USD 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 and shipments, and even transfers the funds directly to the supplier. Monthly fixed interest rates start at 0.5%
Lending Club connects borrowers with lenders in an online marketplace for a fee, it doesn’t actually lend any money itself.
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