Shopify Capital have started offering new merchants starter loans to get their business going. The company that operates an ecommerce platform is now enabling new business owners to take out an initial loan of $200 to build their brand, inventory and whatever else to get themselves started and focused on the important parts of starting and growing a business.
“I just didn’t want to deal with the whole process of going through a bank—I wanted to focus on the business. A bank loan felt cumbersome and more restrictive. Shopify Capital has a different mentality to it. It’s so easy.”
– Tracey Hicks, Founder, All Things Real Estate
Startups can often find getting loans difficult, on some occasions extensive business plans are required and credit scores need to be gleaming. The $200 starter loan offered by Shopify give anyone with an idea the chance to build on it, great for already growing smaller businesses but a little more risky for those jumping head first into a new business venture through a loan at risk of getting themselves into debt.
“For the immigrant who is new in the country, the student in the college dorm and the mom who has been out of work for awhile the starter loan makes it a little bit easier. That $200 can get you your first Instagram ad or logo. We’re really leveling the playing field.”
– Kaz Nejatian, Vice President and General Manager, Shopify Financial Solutions
Shopify expected to overtake eBay
Shopify is expected to overtake eBay and trail closely behind Amazon in sales volume generated by merchants which will make them the second largest US ecommerce platform. During 2019 Shopify’s continued growth pushed its stock to more than double and presented its market cap larger than eBay. The company is doing the right things to support the foundation of business.
