After making inroads into China at the beginning of this month, PayPal announced another international move today– this time with the U.S.’s friendly neighbors to the north.

The San Francisco-based company has made the PayPal Business Loan for small business owners available in Canada. This isn’t the first time PayPal has launched financing products outside of the U.S. The company also offers loans in the U.K., Australia, Germany, and Mexico.

With this launch, Canada-based small business owners can access from $5,000 to $100,000 in working capital at competitive borrowing rates from terms ranging from 13 to 52 weeks. Businesses can apply online and will receive approval in minutes. Once approved, merchants can receive funds in their business bank account within one to two days.

Before accepting the loan, borrowers can see the transparent cost and fee structure of the loan, including the fixed fee. There are no hidden, origination, late payment, early repayment, or application fees.

“Applying for a traditional loan takes time and isn’t always favorable to small business owners,” said President of PayPal Canada, Paul Parisi. “We’re launching the PayPal Business Loan to offer our merchants easy access to financing, something they desperately need. We look forward to helping more small business owners achieve their dreams to grow locally and globally.”

This news comes almost six years after PayPal began offering business financing solutions. Since that time the company– which was founded in 1998– has provided $10+ billion in funding to nearly a quarter of a million business owners around the world. PayPal reports that historically, the most common uses of the loans include managing cash-flow (44%), purchasing inventory (37%) and investing in marketing (31%).

The loans are currently available to select Canadian business owners by invitation only. PayPal will make the loans available to all Canadian PayPal business account holders next year.

PayPal showcased its Instant Account Creation feature at FinovateFall 2012. The company, which made its 19th acquisition earlier this month, has a market capitalization of $116 billion.

After sealing a transaction which gives it a 70% stake in China-based GoPay, PayPal has taken on a new role in the global payments services scene.

That’s because PayPal not only has controlling interest in GoPay but is also now licensed to offer online payment services in China, making it the first foreign company to be granted such license.

“We are honored to become the first foreign payment platform to be licensed to provide online payment services in China,” said PayPal CEO Dan Schulman. “We look forward to partnering with China’s financial institutions and technology platforms, providing a more comprehensive set of payment solutions to businesses and consumers, both in China and globally.”

The China opportunity represents major growth potential for PayPal. That’s because online payments in China are undergoing a growth spurt of their own. Between 2013 and 2018, online payment transactions in China doubled, topping out at $200 trillion.

The move gives PayPal an advantage over U.S. competitors, which have become not only more prolific but also more competitive since PayPal set up shop in 1998. However, the new territory also pits PayPal against some major new competitors. China-based competitors, Alibaba’s Alipay and Tencent’s WeChat Pay, make up 90% of the region’s mobile payment market.

Financial terms of the deal, which marks PayPal’s 19th acquisition, were not disclosed.

PayPal showcased its Instant Account Creation feature at FinovateFall 2012. The company has a market capitalization of $118 billion.

We highlighted an overview of current stats and trends in the Asian fintech scene in a blog post yesterday. The best way to learn more about fintech in Asia is to attend FinovateAsia, taking place in Singapore October 14 through 15.