When the pandemic forced Dale Jacobs to close the doors on his store, Prairie Supply Co., in Dauphin, Canada, he knew the best solution for the business to weather COVID-19 was to double down on its online store to reach more customers across the Great White North.
In order to do that, Jacobs needed capital and he was in luck. Prairie Supply Co. had been a merchant on the e-commerce platform Shopify for close to 10 years. When the platform offered to finance his business through its lending platform Shopify Capital, Jacobs said yes.
With Shopify Capital, merchants have access to fast funding based on a track record of sales. As more competitors wade into lending, Shopify is creating an embedded finance ecosystem to better serve its merchants.
Prairie Supply Co. received $200,000 across three rounds of funding from Shopify Capital in less than a year, which allowed Jacobs to build inventory, increase online sales with a new hire and market the business on social media.
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