Today marks the first anniversary of our small business financing program, Square Loans. Over the past twelve months, we’ve extended more than $100 million to more than 20,000 independent sellers of all sizes, removing the hurdles small businesses typically face when they seek financing. Once a Square Capital offer is approved, it’s transferred into your account as fast as the next day. It’s simple, fast, easy, flexible, and headache-free.
The program is going so well that Square Loans’s first investor, Victory Park Capital, just tripled its original investment. And with participation from investors like Colchis Capital, we’ll be able to advance hundreds of millions of dollars to small businesses this year.
Like all our products, the goal of Square Loans is to help independent businesses grow their sales. So to commemorate the first anniversary of the Square Loans program, we thought we’d highlight some sellers who are using their money to do just that:
- Cafe Grumpy added a sixth location inside New York’s Grand Central Station.
- Velo Reno, a bike shop in Reno, Nevada, stocked up on more inventory for the busy tourist season.
- 24 Hour Locksmith in Houston, Texas, purchased a machine that allows the company to make its own keys, rather than relying on third-party contractors.
- Hobbies Cafe in Brooks, Kentucky, built a new coffee bar.
- Barista Parlor, a coffee shop in Nashville, Tennessee, opened a second location and launched a roasting program.
- The Perfect Pig, a cafe and market near Panama City, Florida, purchased additional tables and chairs.
- Bent Brewstillery in Roseville, Minnesota, started producing and storing larger batches of beer.
- Cascade Cab started a full-blown taxi service in Eugene, Oregon.
- Trademark Building Services purchased equipment and supplies for its countrywide construction company.
- Essence of Coffee in Rapid City, South Dakota bolstered inventory and started selling coffee beans for tourists to take home.
- The Roly Poly, a sandwich shop, purchased Square hardware for over 20 of its locations across the country.
Congrats to all past, present, (and future!) Square Capital recipients. We hope the next year is your best yet.
