Chinese e-commerce giant Alibaba and California-based LendingClub are teaming up to get more U.S. businesses to buy products from Chinese suppliers.
The companies are offering American outfits short-term loans, up to six months, with interest rates as low as 0.5 percent a month, LendingClub founder and CEO Renaud Laplanche told CNBC in an interview Wednesday on "Squawk Alley."
"Alibaba didn't have ... financing, underwriting and servicing in the U.S. to do this on their own," said Laplanche. "So it's a really good partnership that combines the strength of each marketplace and ultimately benefits all of our customers."
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While concerns about counterfeit or "knockoff" products on the Chinese website are very real, Laplanche highlighted a new program that offers buyer protection insurance that allows Alibaba to guarantee both the delivery and quality of the goods.
"In terms of quality control, Alibaba is very focused on providing as much protection as possible to U.S. buyer[s]."