46% of Canadian SMEs are bootstrapping by
relying on personal credit cards; 92% find the traditional loans
process intimidating and 84% find it complicated
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.
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the full release here:
https://www.businesswire.com/news/home/20220428005090/en/
Désirée Kretschmar, the owner of Plant
Goals in Peterborough, Ontario, said that Square Loans offers
easy-to-access funding that is helping her grow her business.
(Photo: Business Wire)
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.
92% of Canadian business owners who received traditional
loans find the process intimidating
A newly released survey commissioned by Square1 shows that
roughly 7-in-10 Canadian small business owners have never accessed
traditional funding, preferring to “bootstrap it alone.” According
to the survey, 46% admitted they’ve been forced to rely on personal
credit cards; while one-in-five have accessed loans from friends
and family to keep their business going in the past.
Although small and medium-sized businesses are often lauded as
the backbone of Canada’s economy, creating up to 60% of the
nation’s jobs, access to affordable funding is an unmet need that
Square Loans was built to solve. The survey revealed that 92% of
business owners who had received traditional business funding found
the process “intimidating” while 84% said traditional business
loans were overly “complicated.” Overall, 72% reported they were
not happy with the repayment process for traditional loans.
83% of small business owners say the pandemic has made access
to business loans more critical
One-third of Canada’s small business owners reported that
running their business throughout the pandemic has been “a
challenge” but they are “proud to have made it through so far.”
More than eight-in-ten entrepreneurs (83%) surveyed said that the
pandemic has made access to business loans more critical now than
ever before while 51% said that the current business climate was a
key concern when considering traditional loan repayments.
“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. As the pandemic eases and Canadian business
owners look to the future, they need help moving forward now more
than ever before,” said Luke Voiles, GM Business Banking at
Square.
“From our earliest days, Square has focused on building
easy-to-use tools and services to empower entrepreneurs to succeed
on their own terms,” said Alyssa Henry, Head of Square, adding that
48% of surveyed entrepreneurs say they feel positively about being
eligible for an easy, as early as next-day access to a business
loan with flexible repayments. Almost one third of respondents
(29%) believe it would help them feel less stressed as they move
forward and look to grow their business long after the
pandemic.
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.
1 A survey was conducted by Leger among 300 Canadian small
business owners/decision-makers, between March 22-27, 2022, using
an online panel. The survey has a margin of error of ±7.4%.
2 Figures include merchant cash advances and business loans
extended by Square to US and Australia sellers between May 2014 and
March 2021.
About Square
Square helps sellers more easily run and grow their businesses
with its integrated ecosystem of commerce solutions. Square offers
purpose-built software to run complex restaurant, retail, and
professional services operations, versatile e-commerce tools,
embedded financial services, buy now, pay later functionality
through Afterpay, staff management and payroll capabilities, and
much more – all of which work together to save sellers time and
effort. Millions of sellers across the globe trust Square to power
their business and help them thrive in the economy. Square is part
of Block, Inc. (NYSE: SQ), a global technology company with a focus
on financial services. For more information, visit
www.squareup.ca.
Safe Harbor Statement
This press release contains forward-looking statements within
the meaning of the Safe Harbor provisions of the Private Securities
Litigation Reform Act of 1995. All statements other than statements
of historical fact could be deemed forward-looking, including, but
not limited to, statements regarding Square Loans’ expected
benefits to customers. Risks that contribute to the uncertain
nature of the forward-looking statements include, among others,
risks and uncertainties relating to Block, Inc. (the “Company”)
listed or described from time to time in the Company’s filings with
the Securities and Exchange Commission (the SEC), including the
Company’s most recent Annual Report on Form 10-K or 10-Q, which is
on file with the SEC. All forward-looking statements are based on
information and estimates available to the Company at the time of
this press release. Except as required by law, the Company assumes
no obligation to update any of the statements in this press
release.
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Media Contact: press@squareup.com
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