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iTWire Thursday, 15 April 2021 12:22 Square to roll out lending program for Australian market
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Card payments company Square is set to roll out Square Loans in Australia, a program designed to help small businesses grow by giving them quick and simple access to funds.
Square says Australia will be the first global market, outside of the US, where it will launch its lending product.
“It’s no secret that small businesses in Australia have historically faced huge hurdles when it comes to accessing formal forms of funding,”
said Samina Hussain-Letch, Head of Industry & Payments at Square Australia
. “They’re often forced to pour over piles of paperwork, provide years of financial information, and put up personal guarantees that can be riddled with red tape.”
Payment company Square is set to offer interest-free business loans to customers in Australia Jack Derwin Jack Dorsey s payment company Square is bringing interest-free business loans to Australia. (Burhaan Kinu, Hindustan Times via Getty Images)
Square is bringing interest-free business loans to Australia in the coming months.
The loans can be issued to customers with a Square terminal, with card sales determining repayments and loan size.
Instead of incurring interest, borrowers will pay a one-off fee./strong>Popular Searches
Square revealed on Wednesday it would begin offering business loans in Australia in the coming months, making it the first market outside of the US to have them.
Square becomes latest fintech to offer super-fast loan financing for Aussie SMEs
Samina Hussain-Letch, head of industry and payments at Square Australia. Source: supplied.
Payments fintech Square has become the latest player to announce it is rolling out a loan financing offering to its small business customers.
Square Loans will be the first financial services product the global tech company has rolled out Down Under.
Founded in 2009 by Jim McKelvey and Twitter founder Jack Dorsey, Square launched its payments platform in Australia in 2016.
The loans service is expected to launch here within this quarter, marking the first time it has been available outside of the US.
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