Square and Homegrown Partner to Deliver $24M Expansion Capital for Multi-Location Sellers

Table of Contents Square has announced a new financing option called Expansion Capital, powered by Homegrown, targeting eligible multi-location sellers. The pilot program launches with $24 million in committed capital, offering amounts up to $1 million with terms up to four years. Payments flex based on monthly revenue, with no personal guarantees or equity dilution. The program is built around the needs of proven operators ready to open a next location, acquire a new site, or fund a remodel. The program brings together Square’s existing seller relationships and Homegrown’s expansion-stage underwriting expertise. This combination is designed to give qualified sellers a seamless financing path within the Square ecosystem. Rather than turning to outside lenders, eligible sellers can access capital without disrupting their current business tools. Payments on the financing can flex between 1% and 6% of monthly revenue, providing a buffer during slower business periods. This structure is designed to reduce cash flow pressure for operators whose revenue may shift by season or location. The repayment design differs from conventional fixed-schedule loan products in the market. Square has announced Expansion Capital, powered by Homegrown, to offer eligible multi-location sellers a new financing option to expand to new locations. Sellers ready to open their next location now have a financing path with payments flexible based revenue: > Up to $1M> No… pic.twitter.com/xipbpLM66F — Block Investor Relations (@BlockIR) May 28, 2026 The capital is non-dilutive, meaning operators do not need to sell their equity to access financing. This is a key distinction from venture-backed funding routes, which often require business owners to give up ownership stakes. For sellers who have built their businesses independently, this model helps them retain full control. Andrea Raj, Square Banking’s Head of Product, weighed in on what this partnership means for sellers. “At Square, we’ve spent over a decade making sure local business owners have access to capital on fair terms,” Raj said. “Partnering with Homegrown to provide sellers with a new capital option is about extending that same commitment to a new stage of growth: the moment a seller is ready to take it further.” Raj noted that the partnership extends Square’s long-standing commitment to local business owners, now reaching sellers who have proven their concept and are ready to scale. The program is built for proven Square operators with two or more locations, including coffee shops, fitness studios, restaurants, beauty and wellness brands, and neighborhood retailers. These are businesses that have already demonstrated market demand and are looking to scale. The financing is not aimed at startups or first-time operators. Eligible sellers can use the capital to fund a next location, an acquisition, or a remodel, giving operators flexibility in how they deploy the financing. This range of use cases makes the program applicable to different types of expansion strategies. Sellers are not limited to opening a brand-new site. Homegrown CEO and Founder Michael Davis spoke directly to the scale of what this collaboration represents. “So much of America’s small business economy runs on Square,” Davis said. “This partnership brings a new type of expansion capital to brick-and-mortar entrepreneurs across the country, and that’s a meaningful moment for both teams.” His remarks point to the broader reach this program could achieve as it moves beyond the pilot phase. The program eliminates burdens like personal guarantees and balloon payments, offering repayment flexibility tied directly to how the business performs each month. For multi-location operators managing tight margins across several sites, this structure reduces the financial risk of taking on expansion debt during uncertain periods.