Need a loan? Google has a deal for you.
The search giant and the newly public peer-to-peer lending marketplace Lending Club announced Thursday that they will now offer Google partners access to financing--marking yet another giant tech firm getting into the lending beat.
Through the program, the company's Google for Work partners would gain access to funds by way of the Lending Club platform. Google for Work consists of a network of 10,000 developers, resellers, consultants, and systems integrators who help create and distribute Google apps and work products.
The loans could be as low as 5.5 percent annually, according to a Lending Club spokeswoman, and they're capped at $600,000---an amount that's much higher than Lending Club's average loan of $35,000.
In launching the program, Google seems to be throwing its hat in the same ring with PayPal, which began providing working capital loans to Ebay merchants and its own list of sellers this summer.
Google also seems to be joining the growing list of institutional investors eager to get in on the small business loan game. Alternative lender Biz2Credit, which operates a marketplace for small business loans, has remarked upon a noticeable uptick in approvals of small business loans by institutional investors through its platform for months.
While it remains to be seen whether Google will start backing other types of loans, the move is certainly pregnant with possibilities.
"This program opens up many possibilities for Lending Club partners to enable credit for consumers and business owners," Renaud Laplanche, founder and CEO of Lending Club, said in a press release. Lending Club went public in December.