Shopify expands capital lending programme to aid merchants in Canada

Tuesday 21 April 2020 14:56 CET | News

Shopify has been expanding a capital lending programme to help Canadian merchants weather COVID-19.

According to Financial Post, Shopify will begin providing cash advances directly to online merchants in Canada, as the ecommerce platform rushes out products to support small businesses through the COVID-19 pandemic. Merchants on the platform will qualify for funds ranging from USD 200 all the way up to USD 500,000, depending on the nature of their business.

Moreover, Shopify enables more than a million merchants with payment processing, order management, and other services that make ecommerce easier, with many of those merchants being small businesses. Along with expanding Shopify Capital, the company has made email marketing tools available and added a curbside pickup tool, which allows brick-and-mortar retailers to take online orders. The company has also made its platform available for a free 90-day trial for new merchants, instead of the normal 30 days.

The cash advances are insured by Export Development Canada and there are low risks because the company can see the merchant’s selling history and has all of the necessary financial data to make underwriting decisions, according to Shopify’s officials.

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Keywords: Shopify, capital lending programme, merchants, Canada, ecommerce platform, order management, Export Development Canada, COVID-19
Categories: Payments & Commerce
Countries: Canada
This article is part of category

Payments & Commerce