Alibaba.com, China's largest e-commerce company, announced Tuesday it is partnering with Fosun Group, Intime Department Store Group, and Wanxiang Group, to set up Zhejiang Alibaba Microfinance company, China's first e-commerce small-loans company.

"The company aims to provide loans below 500,000 yuan (US$73,204) for its customers," said Alibaba CEO Ma Yun (Jack Ma). "The loans will help small enterprises through temporary funding problems and satisfy their business expansion needs."

Alibaba started to provide small loans to SMEs and individuals in 2007. During the past three years, the company has loaned 12.8 billion yuan (US$1.87 billion). During a six-week trial operation, Zhejiang Alibaba Microfinance company made loans totaling 21.45 million yuan (US$3.14 million).

China's business press carried the story above on Wednesday. China.org.cn has not checked the stories and does not vouch for their accuracy.

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