Block is expanding its small-business loans service to Canada, bringing it into more direct competition with the country’s big banks. The program, known as Square Loans, will make offers to eligible users and deliver funds as soon as the next day. 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.
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Dorsey’s Block takes swipe at Canada banks with loans service
“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.
