PayPal Working Capital, a lending service subsidiary of the online payment company, has loaned more than $2 billion to small businesses since launching in September 2013.
Based in Timonium, PayPal Working Capital loaned the money to 90,000 small businesses in the United States, the United Kingdom and Australia. The program is designed for business owners who have been unable to obtain financing through banks, a problem PayPal said disproportionately affects small and medium-sized businesses.
The $2 billion milestone, announced Thursday, is the latest sign of fast growth for the small business lending program.
PayPal said it reached $1 billion in financing to 60,000 companies in October.
In response to the program's success, PayPal is increasing the funding limit from $80,000 to $97,000. It also is launching a new mobile website, application and service program, as the company sees a shift in business transactions to mobile devices.
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