FinTech
Square, Inc
With Square Capital’s newly designed loan application experience, sellers eligible for a loan use a slider to customize the loan amount. Available loan amounts range from as little as $100 to as large as $100,000, depending on the business’ eligibility.
As a seller adjusts the slider to a larger or smaller loan amount, they see in real time the applicable total one-time fixed fee and the percentage of daily card sales processed through Square that will be applied to paying off their loan. This makes the loan process incredibly transparent. There are no additional fees or complexities often associated with the traditional lending experience. If approved, funds are deposited in their bank account in as little as one business day, available to them to invest in the growth of their business.
Our average loan size is ~$6,000, truly unique and innovative within the alternative lending industry. We’re opening up access to capital for many businesses who just have not had the option before.
Key Team Members
About the organization
Square Capital takes an objective approach using machine learning to examine real-time sales and transaction data. Our ecosystem of millions of SMBs gives us unique insights into businesses of all types and sizes across the U.S., continuously input into our models and algorithms. By looking at these real-time indicators as opposed to more traditional, lagging indicators, we are able to open up the aperture of businesses we serve - many who do not have access to credit elsewhere. As a result, we’ve been able to facilitate over $2.8 billion to more than 180,000 small businesses across the U.S.