Martin KovacsPayPal has lent more than US$1 billion to small businesses via its Working Capital program since the program’s inception in 2013.Darrell Esch, PayPal SMB lending vice president and general manager, has announced via a blog post that the program, which launched in Australia in October 2014, has helped more than 60,000 small business owners in the US, UK and Australia.
PayPal Working Capital is currently providing US$3 million per day, directly into the PayPal accounts of small business owners, more than triple the pace from a year ago, Esch advised, working out to more than US$100 million per month.
“Based on the customer feedback we receive, it’s clear that PayPal Working Capital is filling a crucial void in the traditional banking system,” he wrote.
“In fact, when PayPal Working Capital customers were asked to rate how likely they would be to recommend the program to others (on a scale of 1-10, with 10 being the highest), between 85-90 per cent responded with a nine or 10, which really speaks to business owners’ enthusiasm for this program.”