The program leverages Lending Clubs ability to provide access to credit in an automated manner, and enables Google to purchase the loans, thus investing its own capital in its partner network to drive business growth. Lending Club will service the loans.
Google for Work has built a network of more than 10,000 partners in recent years, including resellers, consultants, and system integrators, which help Google distribute its applications and services. The company recently launched a new incentive program for partners, boosting the rewards for top performers. The partnership with Lending Club is part of this expanded incentive program.
Currently, the pilot program is available to Google reseller partners in the US who meet certain eligibility criteria. Eligible partners can obtain two-year loans of up to USD 600,000 to invest in growth initiatives.
Lending Club connects borrowers with lenders in an online marketplace for a fee, it doesn’t actually lend any money itself.
In recent news, Lending Club has entered a strategic partnership with Alliance Partners, which manages the BancAlliance network, a national consortium of 200 community banks.
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