One Year Later: Square en Español Facilitates more than $50 Million in Loans
In September 2022, Square made its entire ecosystem of more than 35 products and services available in Spanish to sellers in the United States. This company-wide effort represented an important step in Square’s commitment to economic empowerment. Since Square fully translated our full set of products, our lending product Square Loans has originated more than $50 million of loan volume in Spanish, signaling a strong demand and alignment for culturally relevant, reliable partners like Square.
Square understands the power of the Latino economy. Across the country, Hispanic entrepreneurs run nearly 5 million businesses generating more than $800 billion in annual revenue. Knowing that Square succeeds when our sellers succeed, we remain committed to addressing the unique challenges faced by these entrepreneurs and giving them the tools they need to capitalize on their unique opportunities.
When surveyed by Square on their greatest business challenges, Hispanic entrepreneurs most commonly cited finding funding opportunities and raising capital as the top challenge they faced. With an average loan size of about $8,000, Square’s suite of integrated, Spanish-language financial services products is filling a previously unaddressed gap in the market and unlocking new access and opportunities for business owners.
Another milestone in the first year of bilingual availability is Square’s Customer Success team supporting nearly 100,000 unique sellers in Spanish, underscoring a hunger in the entrepreneurial community for culturally relevant, in-language products and support.
Understanding the cultural, linguistic, and regional diversity of this community, Square’s commitment to Latino business owners does not end with Spanish-language product and support offerings. This year, Square launched FORWARD, an accelerator program for Black and Latino entrepreneurs, which provided 25 retail business owners with capital, coaching, and programming to help address the higher than average closure rates among these sellers. The program supported innovative Latino businesses like Ocoa Beauty, a curly hair care brand catering to Latina consumers and Alpine Parrot, an acclaimed outdoor apparel brand creating products specifically for larger bodies.
Since our founding, Square has been dedicated to providing businesses with the tools and services they need to thrive. As the Latino business community continues to grow and evolve, contributing enormously to the economy, Square remains fully invested in their success.
Square Loans was launched in Spanish on Jul 28, 2023. Data is up to date as of 8/1/2023.