Moves, a Toronto-based FinTech startup, has expedited the planned launch of its platform in order to offer loans to gig economy workers, such as ridesharing drivers and food couriers, during the COVID-19 pandemic.
“We hear the growing number of people working independently… are facing challenges resulting from COVID-19.” – Matthew Spoke, CEO of Moves
The startup, which planned to launch in the Fall, is now offering $2,500 one-year loans, which are intended to be used as a “financial bridge to the post-COVID-19 economy” and support independent workers in Ontario that traditional banks and credit scores may disqualify from financial services.
Data from Statistics Canada indicates that in 2016, there were about 1.7 million workers in Canada’s gig economy. The estimated annual income of a typical gig worker was generally low, Statistics Canada found, with the median net gig income in 2016 totalling $4,300.
Recently, some gig workers have expressed concern about the current economic crisis given that many do not have employment insurance benefits even as demand for their services declines.
“We hear the growing number of people working independently for Uber, Lyft, and other app platforms are facing challenges resulting from COVID-19,” said Matthew Spoke, Moves’ CEO. “We know they work hard and face high barriers when trying to access credit from the traditional banks.”
“Moves wants to be their trusted partner to provide accessible and affordable credit to help them bridge to the post-COVID-19 economy and meet their financial goals,” Spoke added.
The $2,500 loans will not require any payments for 12 weeks, after which Moves will withdraw payments of $70 per week for 40 weeks as well as a $220 fee, for a total payback amount of $2,720. The startup said it does not rely on traditional credit checks and that loans will have no impact on credit scores.
The startup is currently accepting applications from Ontario workers that drive or deliver for DoorDash, Facedrive, Instacart, Hiride, Lyft, Skip The Dishes, Uber, Uber Eats, and Foodora. Applicants must have received income from a rideshare or food courier platform in the last 90 days to qualify for the loan, which means Foodora workers could still qualify for the loan, even though the company recently ceased operations in Canada.
Moves plans to introduce an app in the coming weeks and to expand its flexible cash borrowing solution across Canada. Moves is also planning to make a smaller loan option available. This $500 loan would be repaid either over a four-week period or a one-year period.
TORONTO – Strength in the base metal and technology sectors helped Canada’s main stock index gain almost 100 points on Friday, while U.S. stock markets also climbed higher.
The S&P/TSX composite index closed up 93.51 points at 23,568.65.
In New York, the Dow Jones industrial average was up 297.01 points at 41,393.78. The S&P 500 index was up 30.26 points at 5,626.02, while the Nasdaq composite was up 114.30 points at 17,683.98.
The Canadian dollar traded for 73.61 cents US compared with 73.58 cents US on Thursday.
The October crude oil contract was down 32 cents at US$68.65 per barrel and the October natural gas contract was down five cents at US$2.31 per mmBTU.
The December gold contract was up US$30.10 at US$2,610.70 an ounce and the December copper contract was up four cents US$4.24 a pound.
This report by The Canadian Press was first published Sept. 13, 2024.
OTTAWA – Statistics Canada says wholesale sales, excluding petroleum, petroleum products, and other hydrocarbons and excluding oilseed and grain, rose 0.4 per cent to $82.7 billion in July.
The increase came as sales in the miscellaneous subsector gained three per cent to reach $10.5 billion in July, helped by strength in the agriculture supplies industry group, which rose 9.2 per cent.
The food, beverage and tobacco subsector added 1.7 per cent to total $15 billion in July.
The personal and household goods subsector fell 2.5 per cent to $12.1 billion.
In volume terms, overall wholesale sales rose 0.5 per cent in July.
Statistics Canada started including oilseed and grain as well as the petroleum and petroleum products subsector as part of wholesale trade last year, but is excluding the data from monthly analysis until there is enough historical data.
This report by The Canadian Press was first published Sept. 13, 2024.
TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in the base metal and energy sectors, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 172.18 points at 23,383.35.
In New York, the Dow Jones industrial average was down 34.99 points at 40,826.72. The S&P 500 index was up 10.56 points at 5,564.69, while the Nasdaq composite was up 74.84 points at 17,470.37.
The Canadian dollar traded for 73.55 cents US compared with 73.59 cents US on Wednesday.
The October crude oil contract was up $2.00 at US$69.31 per barrel and the October natural gas contract was up five cents at US$2.32 per mmBTU.
The December gold contract was up US$40.00 at US$2,582.40 an ounce and the December copper contract was up six cents at US$4.20 a pound.
This report by The Canadian Press was first published Sept. 12, 2024.
