Square expands Square Loans for small businesses in Canada
Today, Square announced the launch of Square Loans in Canada, giving small businesses quick and simple access to funds and eliminating another major pain point associated with running a business.
By using transaction data, Square Loans proactively surfaces customized offers to eligible sellers, providing them with a straightforward application process, where no paperwork is needed, and delivering funds as soon as the next business day. Businesses have one clear, upfront loan fee, which is automatically paid back as a set percentage of daily card sales with Square — so sellers pay back more when sales are strong and less during slower times. The loan fee never increases for the seller, so the amount they owe is always clear.
Désirée Kretschmar, the owner of Plant Goals, a thriving plant store located in Peterborough, Ontario, said that Square Loans offers easy-to-access funding that is helping her grow her business. “Our store was only 85 square feet, I could reach my hands out and touch both walls. We grew super quick in those first few months and signed a lease to move to a bigger spot; the next day, the pandemic hit but we’ve been running head first ever since — offering in-person, online sales and deliveries,” said Désirée, who has since accessed Square Loans to purchase more plants and accessories to keep pace with strong demand from customers looking to green-up their homes.
“Square Loans is so easy. Everything is laid out and it’s presented in an approachable way, as opposed to… the rigamarole another financial institution might put you through,” explained Désirée, who says she also faced skepticism when she visited a traditional financial institution in town, before opting for Square Loans.
Since the initial launch of Square Loans in the US and Australia, Square has provided more than USD$9 billion in financing to more than 460,000 businesses, with an average loan size of USD$6,7502. In Canada, business owners can learn more and apply for Square Loans by visiting square.ca/loans.
