Photo taken on September 20, 2014 shows the New York Stock Exchange decorated for the first day of trading for the Alibaba's IPO. [File Photo: Xinhua]
Alibaba is now offering loans through U.S. partner Lending Club to help U.S. businesses source products from China.
The program will let small businesses in the U.S. apply for loans up to 300-thousand USD in less than five minutes. The money can be used to purchase goods from Alibaba's wholesale e-commerce platform.
Interest rates on those loans will be as low as half of a percent.
Alibaba says the program aims to boost its expansion overseas.
Alibaba co-founder Jack Ma has long talked about his goal to help small businesses all over China, and this agreement with Lending Club looks like he's taking that mindset to the U.S.
To assist new customers using its platforms, Alibaba will help vet suppliers and shipments, and transfer funds directly if buyers chose.
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