Shopify Offering Startup Loans to Merchants โ€“ No Sales or Credit Checks Required Overall rating: ★★★★★ 5 based on 23 reviews
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Shopify Offering Startup Loans to Merchants โ€“ No Sales or Credit Checks Required

Business Advice, E-Commerce, What's New No Comment

Shopify is looking to spur entrepreneurship and boost its merchant count by removing a fundamental barrier to launching a business: startup capital.

The Ottawa-based e-commerce giant announced an expansion of its Shopify Capital program Tuesday that will see the company provide initial loans of $200 to qualifying applicants looking to test out entrepreneurship.

In its most recent earnings report last fall, Shopify highlighted how its existing Shopify Capital program issued $141 million in merchant cash advances and loans in the third quarter of 2019, an increase of 85 per cent year-over-year. Until now, the programโ€™s financing terms have typically been tied to a businessโ€™s sales history on the platform.

These early-stage loans, on the other hand, can be approved without any sales or a credit check. In a release, the company positioned the idea as an alternative to dipping into savings, borrowing from friends and family or racking up credit card debt.

Kaz Nejatian, vice-president of Shopifyโ€™s financial solutions division, wrote on Twitter that the new program was aimed at entrepreneurs struggling to get started with a business idea, such as recently landed immigrants who havenโ€™t built up a financial foundation yet or a founder targeting non-traditional industries.

The move to ease the on-boarding of new users comes amid a broader push to continue growing the number of merchants using Shopify’s platform.

Though the company passed a sizeable milestone with its one-millionth user in 2019, the companyโ€™s year-to-year growth in merchant base hasย showed signs of slowingย in recent years. This has pushed Shopify to increase expansion efforts outside its core North American market; CFO Amy Shapero said during the companyโ€™sย most recent quarterly earningsย call that it was seeing its most rapid growth in international markets.

Shopify itself has been having a strong start to 2020 with its shares hitting new highs on the Toronto and New York stock exchanges. The firmโ€™s shares on the TSX were trading at $576.25 on Tuesday, an increase of nearly nine per cent since the start of the year.

Source: Ottawa Business Journal

 

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