(MENAFN) US startup Lending Club announced signing a partnership agreement with China's Alibaba to be a source of credit for purchases at the online retailer, AFP reported.
Under the agreement, the US leader in so-called peep-to-peer lending will be the exclusive solution for point of sale business financing for up to USD300 thousand for Ablibaba's US business buyers.
US small business will be able to borrow using a streamlined process at interest rates starting at 0.5 percent. The deal will offer the credit to US businesses purchasing goods from Alibaba.com.
"We share Alibaba.com's commitment to enabling frictionless global ecommerce by US small businesses," Lending Club founder and chief executive said in a statement.
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