PayPal has announced plans to pilot a new small business loan program called PayPal Working Capital, Forbes reported on September 25.
PayPal Working Capital is currently available to 90,000 of the company’s merchants. These participants were invited via phone, email, direct mail and online account notification.
Through the program, SMBs can borrow 8 percent of their annual PayPal volume, up to a maximum of $20,000. For more on how merchants can apply for the loans, as well as their associated fees, click here.
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