Through Capify, Australian small and mid-sized businesses can apply for credit ranging from 5,000 to 400,000 Australian dollars for 12 months at an undisclosed interest rate, when they purchase from suppliers on Alibaba.com. The procedure will be done through a new initiative called “Alibaba.com e-Credit Line” that automates the credit model and provides a prospective borrower a decision within 60 seconds of applying, according to Alibaba. Businesses accepted as borrowers can pay back the loan in either daily or weekly installments.
Australia is the third-largest market for Alibaba.com. The company says that nearly 2 million buyers in Australia are signed up to purchase products on Alibaba.com, where they can access products from some 10 million suppliers. About 70% of those suppliers are based in China with other sellers from such countries as the UK, India and the US.
Capify, which is headquartered in the US, operates in several international markets. Its business in Australia was formerly known as AUSvance.
Alibaba’s financing program with Capify follows similar initiatives it launched earlier this year for small and mid-sized borrowers in the US and the UK.
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