Lending Club, the peer-to-peer lender, has partnered with Google to offer low interest loans to the search engine company’s partners.
Google’s partners will have access to two-year loans of up to $600,000 (512,003) to invest in growth programs through the peer-to-peer platform, without paying fees. The pilot partnership allows Google to then purchase the loans.
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The ‘partners’ are more than 10,000 companies which help the technology group distribute its applications and services. These include resellers, consultants and system integrators.
The program aims to enable these firms to invest in business development and other growth opportunities, hire additional staff and plan for future expansion.
"This first of its kind program enables Google to invest its own capital in the growth of its partners. This is a new delivery model for financial services; this program opens up many possibilities for Lending Club partners to enable credit for consumers and business owners," said Renaud Laplanche, founder and CEO of Lending Club.
Currently, the pilot program is available to Google reseller partners in the US who meet certain eligibility criteria.
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By GlobalData
