Have you ever used the Square card reader to make a payment at your local boutique store? If so you are helping support thousands of businesses throughout the nation.
According to a recent report, “Square Capital has lent $1 Billion in cash advances and loans to more than 100,000 businesses.” Square was founded by Twitter CEO, Jack Dorsey and began lending cash in 2014. To determine whether a company is qualified for funds, Square reviews key statistics of the company including revenue and cash flow.
Square recently reported a 70% jump in loans from 2015. At the most recent quarter, the company has processed 35,000 loans totaling $208 million, with the average loan size hitting about $6,000. With this, Square Capital has reported a revenue increase of 140%, or $33 million since 2015.