Shopify to offer cash loan advances for small businesses in Canada hit by coronavirus

(Reuters) – Shopify Inc <SHOP.TO> said on Monday it would provide cash advances to small businesses in Canada that are struggling due to the impact of the coronavirus outbreak on the global economy.

The Canadian e-commerce company launched a financing program, “Shopify Capital”, which offers cash advances that are repaid through future sales. The advances would range from C$200 to C$500,000 per eligible merchant.

Approval will be through an online application process and will take a few days, the company said in a blog post

U.S.-listed shares of the company rose about 5% in morning trading.

(Reporting by Ayanti Bera in Bengaluru; Editing by Bernard Orr)