Introducing PayPal Business Loan for Small Businesses in Canada

loan,business,paypal, PayPal Business Loan for Small Businesses in Canada

PayPal has helped one million Canadian businesses benefit from e-commerce by delivering solutions that meet their evolving needs. Initially, we offered Marketplace vendors a secure way to accept electronic payments from buyers. Since then, we've helped small businesses across Canada access digital tools and payments that have opened their doors to global customers. We have helped small business owners make their dreams come true - by opening digital invoices and paying for opening online stores and offering mobile payment solutions.

PayPal Business Loan for Small Businesses in Canada
PayPal Business Loan for Small Businesses in Canada

We are excited to announce that for the first time in Canada we are offering a PayPal business loan. This will make it easier for small business owners to get a loan of $ 5,000 to $ 100,000 at a competitive price.

Canadian small businesses struggle to raise capital. In addition to traditional business loan and lending lines, many small businesses rely on alternative sources of credit. A report by the Canadian Federation of Independent Business (CFIB) [i] reveals that the most common sources of small business financing are personal funds, equity and other assets at 49%. The percentage (30%) of small business owners who have resorted to credit cards as a source of capital is relevant. The use of credit cards indicates that the needs of small businesses are not being met by traditional sources of credit, especially in the smallest and smallest businesses, which banks see as high risk. Some small business owners have no choice but to rely on high cost borrowing options to maintain steady cash flow and grow. Personal loans (e.g. personal loans, line of credit) used by the bank are used by one in five business owners [ii]. Other alternative sources used by small business owners include leasing (14%), personal loans from friends and family (13%), commercial mortgages (7%), Business Development Bank of Canada (6%) and venture capital (3%). Included. [iii].

Small businesses often need small loans to help manage cash flow shortages and they prefer it to be fast. The PayPal business loan program can provide up to $ 5,000- $ 100,000 in funding for small businesses looking for a quick decision and settlement. Approved applicants get money in their business bank account as fast as one or two working days.

Benefits of PayPal Business Loan

Quick access to cash. Check eligibility in minutes online. If your application is approved, funds are transferred as fast as one to two business days [i].

Clear, competitive price. Pay a competitively-priced, fixed fee that you know in advance. No late fees, no early repayment fees and no hidden fees [ii].

Corresponding terms. Choose the loan amount and term - 13 to 52 weeks depending on the loan amount - to suit your business needs.

Trouble-free payment. Estimated weekly payments from your bank account will be made automatically so there is no monthly bill to remember.

Next to Peak Holiday Sales, we are inviting a select group of PayPal merchants to apply for a PayPal Merchant Loan. If you're on the invitation list, you'll need to fill out a simple online form to find out if your business qualifies in minutes. If your loan is approved, the funds will be transferred to your business bank account in one to two business days.

Merchants who have taken and grown PayPal business loans in the U.S. have experienced an average growth of 21%. 88% of U.S. borrowers report an increase in income in the first three months after accepting a loan [i]. The most common uses of loans are cash flow management (44%), purchase of inventory (37%) and investment in marketing (31%) [ii].

Many PayPal business loan borrowers have shared feedback that they appreciate knowing the total cost of the loan in advance. Before accepting a loan, the merchant is informed of the fixed fee. There are no hidden fees including Genesis Fee, Late Payment Fee, Early Payment Fee or Application Fee. Loan applicants can request their loan amount ($ 5,000 - $ 100,000) and term (13-52 weeks). Many borrowers have shared feedback that the automated weekly repayment plan is simple and predictable.

Since launching Business Financing Solutions almost six years ago, PayPal has provided access to more than $ 10 billion in funding to a quarter of the nearly one million business owners worldwide. We aim to make the program more widely available to Canadian PayPal business account holders by 2020. In addition to Canada, PayPal financing products are available in the US, UK, Australia, Germany, and Mexico (with partner Confio).

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