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Alibaba, LendingClub Offer U.S. Buyers Loans for China Goods

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Alibaba Group Holding Ltd. is replacing one of the biggest banks in China with a company a fraction of its size to help U.S. businesses finance bulk orders of T-shirts, iPhone cases and other items.

The e-commerce giant announced Tuesday that LendingClub Corp. will offer loans of as much as $300,000 to U.S. companies buying goods from Chinese suppliers on Alibaba.com. The service was previously provided by Bank of China Ltd., one of the country’s Big Four state-owned banks.