Canada’s small businesses have faced huge challenges in the past when requesting a business loan. Owners often have to fill out reams of paperwork and provide several years of taxes and other financial info, as well as some form of personal collateral — all bundled together with bright red tape.
Whether you need to buy a new walk-in freezer for your restaurant, expand your salon’s space, or ramp up your marketing efforts, having a bit of extra cash flow can help solve these all too expensive challenges. That’s why we’ve launched Square Loans. Our new lending program can help independent sellers like you quickly access the funding you need for moving your business forward.
How does Square Loans work?
If you need frictionless funding for your small business, Square is here to help.
Square Loans is open to current Square sellers (upon meeting eligibility requirements). We’ll provide an offer based on the sales you process through your Square account. Your final offer amount is customizable—take a loan for as little or as much as you need up to that amount. Apply for your loan with just a few simple clicks, wait to see if you’re approved, and that’s it! Your loan gets repaid from your linked bank account with each sale you make through your Square account (as a percentage of daily sales).
We look at your transactions to present you with a loan that will meet your needs while staying within your budget. With a Square Loan, you get:
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Fast funding: Access your funds as soon as the next business day
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Easy and simple application: Receive your offer and apply in a few simple steps with no business plan or the usual paperwork needed.
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Automatic repayment: Repay with a percentage of your daily sales, so you never have to worry about missing a payment.
Your cost will never increase, no matter how long it takes you to repay the loan — thanks to a fixed, upfront fee rather than a flexible interest rate —so you always know just how much you’ve paid and what remains outstanding.
With Square Loans, enjoy the freedom of:
- No personal collateral: No need to put your personal home on the line to access funding
- Responsible lending: We size our loans based on your business’s processing and what we believe your business can pay back. Our automatic repayment allows easier payback that works with your cash flow.
- Loans sized right for your business: Based on your business’s processing on Square, with loans ranging from $300–$250K.
- One simple loan fee: Only one flat fee that is repaid over the life of your loan. No ongoing interest or surprises.
- All in one place/ecosystem: Access your funding where you process payments, all on Square.
Whether for a new omnichannel marketing campaign, new equipment, or more inventory, Square Loans can help.
If you’d like to see if you’re eligible for the new Square Loans, visit your Square dashboard.
All loans are issued by Square Canada, Inc. Actual fee depends upon payment card processing history, loan amount and other eligibility factors. A minimum payment of 1/18th of the initial loan balance is required every 60 days and full loan repayment is required within 18 months. Offer eligibility is not guaranteed. All loans are subject to approval. Terms and conditions apply. Square Loans not available in Quebec.