Shopify offers merchants interest-free, cash advances up to $500,000

By The Canadian Press

OTTAWA — Shopify Inc. is offering interest-free cash advances to help companies that use its e-commerce products cope with the impacts of COVID-19.

The Ottawa-based technology company says the value ranges from $500 to $200,000 per eligible merchant and will be repaid through future sales.

The initiative is meant to provide fast relief to cash-strapped businesses without having to take on debt.

Shopify believes this funding will fill in gaps in COVID-19 relief that banks aren’t satisfying right now and promptly provide businesses with the cash flow they need.

The advance program, dubbed Shopify Capital, can be accessed with an online application.

Shopify says those who qualify will be approved within a few days.

This report by The Canadian Press was first published April 20, 2020.

Companies in this story: (TSX:SHOP)

The Canadian Press

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