Square launches funding for restaurants, bakeries and small businesses in Canada
April 29, 2022
By Bakers Journal
Square has launched Square Loans in Canada, a service that gives restaurants and small businesses quick and simple access to funds and eliminating another major pain point associated with running a business.
Square Loans requires no paperwork, no red tape and has flexible, clear repayment terms.
By using transaction data, Square Loans proactively makes customized offers to eligible businesses, providing them with a straightforward application process, where no paperwork is needed, and delivering funds as soon as the next business day. Restaurants, bakeries and other small businesses have one clear, up-front loan fee, which is automatically paid back as a set percentage of daily card sales with Square — so businesses 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.
A new Small Business Credit Survey from Square suggests seven to 10 small businesses have never had access to traditional funding, preferring “to bootstrap it alone.” Almost half have had to rely on personal credit cards to survive the pandemic. More than 90 per cent find the traditional funding model intimidating.
“It’s no secret that small and medium-sized businesses face tremendous barriers when it comes to accessing funds
to help them transition and grow,” said Luke Voiles, general manager of business banking at Square.
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