The agreement will see GetCapital offer lines of credit finance to local businesses through Alibaba.com’s e-Credit line facility.
Australian Alibaba customers will be able to access finance for either import or export transactions anywhere across the globe. In other parts of the world, Alibaba.com’s e-Credit line is available only for import transactions from Chinese suppliers.
Jamie Osborn, CEO of GetCapital, said the partnership with Alibaba.com reflected GetCapital’s growing reputation for flexible, innovative financing solutions and presented an exciting opportunity to further serve Australian SMEs.
“GetCapital exists to support the growth of Australian small and medium businesses by providing access to fast, efficient and flexible capital. Given the enormous participation of SMEs on Alibaba.com, it is a perfect platform to ensure our services are readily available to Australian businesses when they need them,” he said.
“This collaboration will address the biggest problem businesses face in buying and selling in international markets – namely, access to a reliable source of funding for working capital. We look forward to working with Australian businesses, through Alibaba, to provide the capital they need to grow their operations and their international trade,” he said.
Eric Sin, strategic partnership and global business development, senior manager at Alibaba.com said that teaming up with GetCapital significantly expanded Alibaba.com’s existing services and would allow the opportunity for Australian customers to obtain capital through a local lender at privileged terms.
“Our priority is to find new and innovative ways to support the 1.9 million Australian SMEs that do business through Alibaba.com. By introducing our members to GetCapital’s financing solutions, we hope to provide more access to finance for Australian businesses selling to overseas buyers and sourcing from global suppliers through Alibaba.com for the first time,” he said.
From today, Australian-based businesses will be able to apply for an Alibaba e-Credit line provided by GetCapital through a streamlined, online application process that the company says takes no more than five minutes to complete.