Hangzhou Daily, 10/11/11
Hangzhou-based C2C & B2C e-commerce site Taobao's group buy site, Juhuasuan, has offered a group buy deal on RMB 30 mln in loans for Taobao merchants. 500 merchants joined the deal, which includes a 75% discount on interest, in the first ten minutes.
The loans, provided by Alibaba Group's e-commerce financial services subsidiary Alibaba Financial, are designed to support Taobao merchants. Merchants' eligibility is assessed based on credit scores determined according to their e-commerce activity, and they are not required to provide collateral.
To date, nearly 20,000 merchants have applied and received over RMB 1.4 bln in loans from Alibaba Financial.