Shopify made an announcement on Monday that it would provide cash advances to small businesses in Canada that are struggling due to the effects of the Coronavirus pandemic that is currently ravaging the entire world economy at large.
Shopify, based in Canada has then launched a financing program which it calls the “Shopify Capital” which offers cash advances that are repaid through future sales by small businesses that applies for the loan. The advances would range from C$200 to C$500,000 per eligible merchant.
Anyone interesting who are using the Shopify platform will be able to apply for the loan online and wait for an approval which will take a few days for review according to the company.
U.S.-listed shares of the company rose about 5% in morning trading