Chinese e-commerce giant Alibaba Group has inked a partnership with peer-to-peer lending website Lending Club to help U.S. businesses purchase from China-based suppliers on the group’s online platforms.
The partnership comes as billionaire Jack Ma is pushing the company beyond its home market. The group, which launched its U.S. website 11 Main last year, has said that one of its strategic goals is going global.
The program allows U.S.-based businesses to apply for short-term credit of up to $300,000 to buy from China-based suppliers, according to a company statement. Monthly interest rates range between 0.5% to 2.4%.
“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,” Michael Lee, Alibaba.com’s global marketing and business development director, says in the statement.
Jack http://www.forbes.com/sites/ywang/2015/02/03/alibaba-to-offer-loans-to-u-s-businesses-through-lending-club/Ma in 2014 ranked No.1 on the Forbes China Rich List, with a wealth of $19.5 billion. A recent stock plunge after Alibaba’s public brawl with a government agency has allowed real estate tycoon Wang Jianlin to dethrone Ma. Lending Club, which went public in December, ranks No.5 on Forbes America’s Most Promising Companies List.