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Square is bringing its lending programme for small businesses clients to Canada.
Square Loans uses transaction data to proactively provide customised offers to eligible sellers, with no paperwork is needed, and funds delivered as soon as the next business day.
Businesses have one upfront loan fee, which is automatically paid back as a set percentage of daily card sales with Square.
Since its launch in the US and Australia, Square Loans has provided more than USD$9 billion in financing to more than 460,000 businesses, with an average loan size of USD$6,7502.
It is now moving into Canada, where, according to a Square-commissioned survey, 46% of SMEs are bootstrapping by relying on personal credit cards and 92% find the traditional loans process intimidating.
Désirée Kretschmar, owner of Plant Goals, says: “Square Loans is so easy. Everything is laid out and it’s presented in an approachable way, as opposed to… the rigmarole another financial institution might put you through.”
Financial Services
