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Square Capital to give eBay's sellers access to funds

31
Jul '18
Courtesy: Ebay
Courtesy: Ebay
EBay and Square Capital have come together to provide eBay’s sellers in the US access to funds. While many small businesses struggle for financing, Square Capital will give eligible eBay sellers a simple, seamless, and transparent funding experience. Select eBay customers will begin getting invitations to apply for loan through Square Capital later in 2018.

“EBay is deeply committed to partnering with our sellers to help them grow their business, and our agreement with Square Capital is a great example of how we are helping our sellers succeed by offering them a fast and easy way to access funding,” said Scott Cutler, senior vice president, Americas at eBay. “eBay sellers in the US will be able to apply for as little as $500 or as much as $100,000 to help with whatever their business needs might be – from payroll and inventory to equipment and marketing. We will continue to invest in our financial service offerings for our sellers.”

“Expanding access to capital, including to those who have been underserved when seeking funding, is core to Square’s purpose of economic empowerment,” said Jacqueline Reses, head of Square Capital. "Square Capital understands the needs of small businesses and facilitates a simple, seamless funding experience. We're proud to partner with eBay and enable more sellers across the US to invest in growing their business."

Since 2014, Square Capital has facilitated $2.8 billion to more than 180,000 businesses and in 2016 began providing loan offers to businesses outside of the Square ecosystem through its partnerships programme. Square Capital facilitates loans ranging from $500 to $100,000 to all types of small businesses, providing critical financing to sellers that may be either unable to access loans from traditional lenders, or whose needs are not served by existing offerings. Square Capital is able to meet the needs of sellers as they grow their business - enabling them to use funding for activities ranging from purchasing inventory and equipment, to marketing, to expanding sellers’ omnichannel presence and managing everyday cash flow needs.

Access to capital is one of the biggest hurdles in making business growth a reality, with 70 per cent of small businesses not receiving the funding they want. Square Capital aims to address this challenge head on. Loans through Square Capital have a simple loan application that takes only a few steps, removing the need to fill out long, often complicated forms. Additionally, funding is in the hands of approved customers quickly, in as little as one business day after submitting an application. (SV)

Fibre2Fashion News Desk – India


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