eBay sellers to get access to Square Capital
Scott Cutler, SVP, Americas at eBay, says the deal will “help with whatever their business needs might be – from payroll and inventory to equipment and marketing”.
Since 2014, Square Capital has provided $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.
According to the duo, access to capital is one of the biggest hurdles in making business growth a reality, with 70% of small businesses not receiving the funding they want.
Square Capital says funding is in the “hands of approved customers quickly, in as little as one business day after submitting an application”.
In addition, Square Capital explains that the loans detail the total borrowing cost, which, with timely payment, never changes for the life of the loan.
Select eBay customers will begin receiving email invitations to apply for a loan through Square Capital in the third quarter of 2018.
All loans are issued by Celtic Bank, a Utah-chartered industrial bank, located in Salt Lake City.
Earlier this month, Square withdrew its application to open a new depository bank in the US, but says it plans to apply later to the Federal Deposit Insurance Corp (FDIC).