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July 26, 2018updated 27 Jul 2018 6:50am

eBay and Square Capital to offer financial support to sellers

US-based online retailer eBay has partnered with Square Capital to offer financial support to its sellers in the US.

US-based online retailer eBay has partnered with Square Capital to offer financial support to its sellers in the US.

Under the agreement, Square Capital will offer up to $100,000 in funding to eligible eBay sellers that will support them to grow their businesses.

eBay Americas senior vice-president Scott Cutler said: “eBay is deeply committed to partnering with our sellers to help them grow their business, and our agreement with Square Capital is a great example of how we are helping our sellers succeed by offering them a fast and easy way to access funding.

“eBay sellers in the US will be able to apply for as little as $500 or as much as $100,000 to help with whatever their business needs might be from payroll and inventory to equipment and marketing. We will continue to invest in our financial service offerings for our sellers.”

The retailer will also send invitations to select customers inviting them to apply for a loan through Square Capital in the third quarter of this fiscal year.

“Expanding access to capital, including to those who have been underserved when seeking funding, is core to Square’s purpose of economic empowerment.”

Both the companies will work in collaboration to market Square Capital directly to eBay sellers.

Square Capital will assess eligibility and risk and then determine the appropriate loan based on an applicant’s financial profile.

Square Capital head Jacqueline Reses said: “Expanding access to capital, including to those who have been underserved when seeking funding, is core to Square’s purpose of economic empowerment.

“Square Capital understands the needs of small businesses and facilitates a simple, seamless funding experience. We’re proud to partner with eBay and enable more sellers across the US to invest in growing their business.”