A Florida-based company has pledged to lend $500 million to U,S.
retail companies as the aftermath of Hurricane Irma hits the U.N. relief effort.
The investment comes after LendingClub, an online lender, announced Monday it had reached a $1 billion funding agreement with U.K.-based LendingTree.
The two companies announced the funding at the U and U.C. Berkeley International Financial Fair in Berkeley, California.
LendingClub said it would contribute $5 billion to the U,C.B. and the U.,U.S., and the Canadian governments.
It also said it was adding $5 million to the global lending arm of Lending Tree, which was founded in 2002.
Loan terms were not disclosed.
Lenders are taking a harder line in the face of a massive surge in demand for goods and services during the storm.
Lender Paul Bloch said Lendingtree was also looking at investing $500m in banks in the United States, the U.-U.K. and Canada.
“The financial markets have taken a battering and there are no easy solutions for the financial institutions, so we are taking steps to make sure that we’re prepared for the next phase,” Bloch told CNBC.
The U.s. and U., Canada and Canada, Canada and U.-K.
are among the largest international lending markets for the company, according to the company.
Bloch said the company was confident in the long-term sustainability of its business.
“This is a unique opportunity to lend to the biggest market for the most innovative and innovative products,” he said.