Hey Michelle. Hi, how are you. I’m doing well. So money these days; getting access to money is really tough. Governments have been trying to facilitate this. Traditional banks and Lenders have been trying to facilitate it. But we’re hearing from our merchants that there’s a crunch on cash these days.
Now we have a program called Shopify Capital, which not all of our viewers might know about. Can you give us a little bit more background on what Shopify Capital is. How we’re trying to help our merchants these days. We launched Shopify Capital because we saw just how difficult it was for a lot of merchants to get traditional financing. There’s a lot of red tape, a lot of paperwork.
It took a long time. And many of you need capital to purchase inventory because you’ve got a large purchase order or to invest in marketing. So with that program eligible merchants are able to apply for Shopify right within their accounts. And once you are approved, you get funding in as little as a few days.
And now when we talk about this. We’re actually able to fund businesses that traditional banks and other Lenders actually can’t as well. Right yes absolutely we have. We have a view into how your business is doing. We know how dedicated you are taught to your business. So a lot of that data we don’t need to ask you for.
We are able to I see how your business performing and see what you can afford on a regular basis. So not a lot of paperwork. Merchants can get an offer for capital and how fast will they see the cash within their bank account. And just as few as a few days.
And the other really two really key things is that we don’t actually check your personal credit history and we don’t want to own a percentage of your business as well. That really matters to a lot of businesses. That’s amazing. Now these days. We’ve been announcing a few things around Shopify Capital both in terms of amounts, and in terms of where it’s available. Can you shed some more light on those.
Yes. So you know when Tobi started Snow Devil there’s no store that is now Shopify today. He saw how important it was to get financing. And recently, we heard from Charles and Janelle who run Manic Mermaid out of Tacoma Washington before COVID. They sell their products almost exclusively from their physical store, though they were financially set for normal situations, the impact of COVID put a major strain on their finances.
So when they discovered that they were eligible for Shopify Capital they jumped at the opportunity and use the funding to give them breathing room to help move their business forward. We know that funding can go a long way. So over recent weeks, we’ve actually expanded the program
outside the United States to include the UK and Canada and we’ve actually committed an additional 200 million dollars to the program. And so far, we’ve already provided $1 billion in capital for you our merchants. That’s incredible. So $1 billion of money has been given out to the Shopify merchants to further their businesses along.
I absolutely love that. This is really an example of where we’re putting our money where our mouth is and really trying to support as many merchants as possible. Now how big are these amounts are we talking about hundreds of dollars, thousands of dollars. They’re as low as $200 to as high as a one million dollars. Look, we really want to make this quick and easy accessible funds when you need it most especially times like today.