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Here Come LendingClub's Small Business Loans

Renaud Laplanche, co-founder and chief executive officer of LendingClub, being interviewed on Bloomberg West Television
Renaud Laplanche, co-founder and chief executive officer of LendingClub, being interviewed on Bloomberg West TelevisionPhotograph by David Paul Morris/Bloomberg

LendingClub, an online marketplace for individuals who lend money to others, has achieved enough recognition in peer-to-peer lending that its name has become a stand-in for the field itself. Thus Groundfloor is sometimes the “LendingClub for real estate” and Dealstruck is called the “LendingClub for small business.

Now LendingClub is getting ready to expand from consumer lending to small business lending. The San Francisco-based company said in a press release on Wednesday that it has hired Capital One Financial’s Sid Jajodia to head small business lending, and it plans to start making business loans in 2014.