In an effort to help small businesses that make use of its platform, Ottawa-based technology company Shopify is offering interest-free loans to tide over this ongoing crisis.
This is set to provide fast relief to businesses with a cash crunch without having to worry about increasing debt. Each merchant can avail loans from US $ 200 to 1 million in USA and CAD 200 to 500,000 in Canada, depending on their eligibility, to be repaid through future sales.
The company is looking to infuse US $ 200 million for this initiative to Shopify Capital, the business fund established in 2016. The loan facility is being made available in USA, Canada and UK.
The merchants can apply through an online application and will be notified of approvals within a few days by the company. This step is meant to help out companies at a time when banks are not able to do the needful.
Shopify is also offering the service of Shopify Email, free of cost till 1 October. Users of the platform can now make use of this option on their admin page.
