Google partners with Lending Club for loans
Google and Lending Club have launched a pilot program making available low-interest loans to Google’s small-business partners — resellers who help Google market, distribute and manage its software applications and services.
Under the pilot program, two-year loans of up to $600,000 are available to eligible U.S. resellers (determined by Google) belonging to the 10,000-member Google for Work network.
No fees, interest only in the first year, and loan payback “designed to match the cash-flow profile of growth investments,” according to a Lending Club statement.
[...] more deals with major banks are in the offing, he said, similar to the “strategic alliance” it announced with San Francisco’s Union Bank in May, under which Union Bank buys loans using Lending Club’s platform.
In April, it acquired a Massachusetts company, Springstone Financial, which provides loans for private education and elective medical procedures.
Last week, it partnered with the U.S. Women’s Chamber of Commerce to provide loans for women-owned businesses, and announced a similar arrangement with Score, a nonprofit that provides consulting, mentoring and other services for small businesses nationwide.