Jack Dorsey's Block challenges Canada's big banks with small-business loans service

The program, known as Square Loans, will make offers to eligible users and deliver funds as soon as the next day, the San Francisco-based company said Thursday. The loans come with one upfront fee, and borrowers pay the money back over time as a set percentage of daily card sales with Square.

The move sets up Block’s Square as a competitor to Canada’s major banks by moving it further beyond payments technology and into the business of providing capital. Square in September introduced a card that gives sellers instant access to funds they processed through Square, giving the company a way into customers’ cash-flow management systems.

“From our earliest days, Square has focused on building easy-to-use tools and services to empower entrepreneurs to succeed on their own terms,” Alyssa Henry, head of Square, said in a statement.Article content Square entered Canada nine years ago and has increased the number of larger business clients — those with multiple locations — by an average annual rate of 44 per cent since 2016. The firm doesn’t disclose how many total sellers it has in Canada.

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