Square has launched Square Loans in Canada, giving small businesses easier access to funds by creating personalized offers for eligible sellers and providing them with a simple application process, according to a Thursday, April 28 press release.

The revamped process is paperwork-free and provides funds as quickly as one business day with an upfront loan fee that’s automatically refunded as a percentage of daily card sales with Square, according to the announcement. This allows sellers to repay more when sales are strong and less during slower times and with constant loan fees.

More than 9 in 10 (92%) Canadian businesses that have gone through the traditional loan process find the process daunting, according to the press release. A survey commissioned by Square shows that about seven in 10 Canadian small business owners have never had access to traditional financing.

Almost half (46%) say they rely on personal credit cards, while one in five have relied on loans from friends and family to run their business.

The survey also shows that 84% said traditional business loans were too “complicated”, according to business owners who applied for them. Nearly 3 in 4 (72%) said they were unhappy with the repayment process for traditional loans.

“It’s no secret that small and medium-sized businesses face huge hurdles when it comes to accessing funds to help them transition and grow,” said Luke. Sails, GM Business Banking at Square, in the press release. “As the pandemic subsides and Canadian business owners look to the future, they need help moving forward more than ever.

Since launching Square Loans in the United States and Australia, Square has provided more than $9 billion in financing to more than 460,000 businesses, with an average loan size of $6,750, according to the press release.

Related: Square launches loyalty and marketing products in Ireland

In March, Square launched Square Marketing and Square Loyalty, a pair of software products that will help Irish businesses increase sales and retain customers with just a few clicks.

Square Marketing “allows businesses to create, send, and track email marketing campaigns in minutes,” ranging from one-time email campaigns to custom automations. The tool will help companies expand their customer base and use analytics to secure business information.

Square Loyalty “can help turn one-time visitors into repeat visitors and increase repeat visits,” the company’s press release states. It includes a personalized loyalty program that rewards customers in-store and online.


About: Results from PYMNTS’ new study, “The Super App Shift: How Consumers Want To Save, Shop And Spend In The Connected Economy,” a collaboration with PayPal, analyzed responses from 9,904 consumers in Australia, Germany, UK and USA. and showed strong demand for one super multi-functional app rather than using dozens of individual apps.

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