Shopify, an Ottawa technology company, is offering interest-free cash advances as part of a program named Shopify Capital. The program was created in order to alleviate the financial burden of COVID-19 on e-commerce companies. The organization states that the funding will be able to address some of the limitations of COVID-19 financial relief, as banks cannot serve every need. Interest-free funding will help businesses with reduced cash flow and allow them to avoid going into debt.
Organizations can apply to the Shopify Capital program only, and approval decisions will come within a few days. Through the program, companies will be able to access a cash influx ranging anywhere from $200-500,000. Following the cash infusion, companies can use future sales to repay.
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