PayPal's Working Capital loans for small businesses has lent more than $1 billion to over 60,000 small businesses in the U.S., U.K. and Australia, CEO Dan Schulman said in a keynote session at the Money2020 conference in Las Vegas.

Working Capital is a small but important part of PayPal's strategy to offer additional services to its small business customers and to strengthen the PayPal ecosystem. The program, which was started in 2013, addresses two specific merchant pain points: access to credit and the lengthy application processes typical of many traditional lenders.

In his keynote, Schulman highlighted Gustav Reyes, the owner of Chicago-based Simply Wood Rings, which makes eco-friendly wooden wedding rings. Like the majority of PayPal's customers, Reyes does most of his sales through his website. Simply Wood Rings generates up to $500,000 in annual revenue. Reyes has utilized a $8,500 loan to cover the cost of updating his website: "They allowed us to take payments and then, at the point where we are big enough to need a loan, they are there," said Reyes. "Having that opportunity opens up a new world in terms of business for me."

Sassy Princess is not your traditional borrower.

Zakiyyah Yasin, owner of the kid-friendly spa in Woodbridge, didn’t want to turn to a bank for a loan when she needed money for marketing last year.

Instead, she logged onto her computer and filled out a form. In less than a minute, she says she had $5,000 in her account.

PayPal says its small business lending program Working Capital has disbursed $1 billion in loans to more than 60,000 PayPal merchants.

The milestone follows a string of substantial growth metrics for Working Capital since its inception in 2013.

Last year, PayPal announced the program was distributing $1 million in loans each day, whereas now it's loaning $100 million each month. And it was less than 6 months ago since PayPal said the program had doled out roughly $500 million in total small business loans.

PayPal, through PayPal Working Capital has lent over a billion dollars to around 60,000 small businesses since they launched PayPal Working Capital in September 2013.

That’s not only one heck of a lot of money, but it would appear that their loan book is increasing with half the money loaned within the last five months and they’re currently extending $100 million per month of new finance.

Small business loans kicked off with companies such as iwoca and ezbob lending based on a seller’s eBay and Amazon turnover. Since then PayPal and Amazon have both launched loan products, although on different terms.

PayPal Holdings Inc, the online payment processor, said on Tuesday its small-business lending program has processed $1 billion in loans in the first two years of its launch and more than doubled loan growth in that span.

PayPal Working Capital is extending short-term loans totaling more than $100 million per month, or $3 million per day, to a mix of sellers on eBay Inc and standalone small- to medium-sized merchants, the company said at a payments conference in Las Vegas.

PayPal separated from eBay earlier this year, and Chief Executive Officer Dan Schulman has stated he is looking to use PayPal's size to offer affordable financial services widely.

E-commerce has changed the way consumers buy goods and services, and now it might change the way small businesses borrow money and repay loans.

In September 2013 PayPal launched PayPal Working Capital, a loan source for small businesses that currently use PayPal for online payments. The borrower can apply for a loan without undergoing a credit check because PayPal already knows the company’s sales history.

Some small business owners are happy to skip the forms and the wait.

The holiday shopping season is a make-or-break time for many businesses. Success requires you to have a high profile, make it easy for customers to buy and encourage them to spread the word about your company.

1. Optimize for search

Google is constantly tweaking its algorithms, so test your site’s ranking by searching for your own company a few times—by name, as well as by the common search terms your site visitors use—to see how it appears in the listings. If it isn’t where you want it to be, check out this Search Engine Optimization Starter Guide from Google to help you make small changes that can produce game-changing results.

2. Get ready for mobile shoppers

Since so many shoppers now search using mobile devices, it’s no longer optional for your site to look good and be easy to use from smartphones and tablets. Services such as bMobilized, mobiSiteGalore and MoFuse can help you optimize your website quickly for mobile visitors. Each service offers different pricing options based on the number of site pages or whether or not you will build the site yourself, so you can find the plan that best suits your needs.

3. Go global

Cross-border trade can be a vital source of incremental holiday revenue for your business. Did you know that according to a PayPal study, in the last 12 months 70% of American consumers have shopped online; 30% of those have shopped from international sites. And the most important driver of cross-border shopping isn’t the cost of the item or how unique it is; it is the shipping cost. 40% of American shoppers say they’d be more likely to make a purchase from a foreign website if free shipping was offered. If you are a merchant looking to attract customers, international shoppers make it worth your while. Visit PayPal PassPort today to learn more about selling internationally.

4. Have special offers prepared

One of the most effective tactics you can use this holiday season is sending special offers to your best customers, especially via email. You might provide special discounts or simply early access to new arrivals or popular products. Drive referral business by encouraging your customers to share these offers with friends and family

For both current and prospective customers, have your sales and special offers mapped out for the big holiday season events: Black Friday, Small Business Saturday and Cyber Monday. Use your home page and social media pages to highlight good deals, including information about the items and links to where shoppers can buy them on your website. Using Facebook can be particularly helpful for this, as it ranks highest among the social media platforms for shoppers seeking out promotions, according to research from marketing platform Crowdtap.

5. Spread the word through social media

According to the Crowdtap study, 68% of last year’s holiday shoppers relied on peer recommendations on social media. Yet different platforms ranked higher for different points along the purchase path. While Facebook rated highest for shoppers seeking out promotions, for instance, Pinterest was most influential in inspiring gift ideas. Use these insights when promoting gift items through your social media pages. When posting products on Pinterest, add specific descriptions so that the items can be found easily through search, and include links to where shoppers can learn more about or purchase the products.