Square announced the launch of Square Loans to Canadians giving small businesses quick and simple access to funds and eliminating another significant pain associated with running a business.
Square Loans proactively presents personalized offers to qualifying sellers based on their transaction data, ensuring a simple application procedure with no paperwork and funding as soon as the following working day. Businesses pay a single, upfront loan cost that is automatically repaid as a fixed percentage of daily card sales using Square — so sellers repay more during periods of high sales and less during periods of poor sales. Because the seller's loan cost never increases, the amount they owe is always apparent.
"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."
-Désirée Kretschmar, the owner of Plant Goals
Alyssa Henry, Head of Square, stated, From our earliest days, Square has focused on building easy-to-use tools and services to empower entrepreneurs to succeed on their own terms.