Tech giant Google has partnered with Lending Club, a peer-to-peer (P2P) lender, to form a new venture that will facilitate low-interest financing to Google partners.
The Google partners include resellers, consultants and system integrators, which help the company distribute its applications and services.
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The loans offered will be up to $600,000 for two years, which is bigger than the maximum $300,000 that the P2P lender has been offering to small business borrowers so far.
Lending Club’s founder and chief executive Renaud Laplanche said, "The opportunity here is really to do something with large corporations that always wanted to provide credit to their partners but didn’t have the compliance, the origination capabilities and the servicing capacity."
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