SAN JOSE, Calif.— PayPal has passed $30 billion in global loan originations and has extended more than 1.4 million loans and cash advances to more than 420,000 business accounts globally since 2013, the company announced.
“Small businesses play a critical role in the global economy and within local communities. They are job creators, community builders, drivers of innovation and opportunity. Small businesses account for more than 43% of the U.S. GDP and nearly 40% of private sector payroll. Despite these contributions, access to capital continues to be a critical challenge for SMBs. Currently, more than three quarters of small businesses are concerned about access to capital as they try to maintain or grow their businesses,” PayPal said.
"Access to capital is consistently one of the top challenges small businesses face as they look to maintain and scale their businesses," shared Michelle Gill, EVP and GM of SMB and financial services at PayPal. "Traditional business loans are not only difficult to secure for small businesses, but the application process can be challenging and prohibitively time consuming.”
PayPal said its PayPal Working Capital and PayPal Business Loan have received a great deal of attention from small businesses.