Ant Credit, a company affiliated with e-commerce giant Alibaba, announced today that it will set up a financing program for female entrepreneurs in China with a 500 million RMB ($80 million) loan from International Finance Corp (IFC).
The loan program can potentially boost the amount of borrowers who use Ant Financial’s services. Ant Credit provides small online loans and says many of its current clients are women who sell products on Alibaba marketplaces Taobao and Tmall. It claims that half of businesses owned by women on those sites are already available for loans.
Ant Credit’s new program, which it calls the “first Internet-based gender-finance program in China” is a partnership between Ant Financial Services Group, which runs Ant Credit; IFC; and Goldman Sachs’ 10,000 Women Initiative, an entrepreneurship program for women in emerging markets.
Last year, IFC loaned one billion RMB ($160 million) to Ant Credit to finance Chinese…
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