The American company with an online payment system, PayPal, announced this week that it plans to create a bank with the purpose of financing small businesses in the United States.

The initiative was made public this Monday, when the company, headquartered in San Jose, California, submitted its regulatory applications to the Utah Department of Financial Institutions and the Federal Corporation PayPal has applied for FDIC deposit insurance coverage to create what it has called “PayPal Bank.” Regarding this, Alex Chriss, CEO of PayPal, commented that “securing capital remains a significant obstacle for small businesses looking to grow and expand. Creating PayPal Bank will strengthen our business and improve our efficiency, allowing us to better drive small business growth and economic opportunity across the United States,” he said. If the application is approved, PayPal could be offering FDIC insurance coverage for deposits of up to $250,000. In addition to loans to small and medium-sized businesses, interest-bearing savings accounts, and direct memberships for liquidation activities or procedures through existing banks.

For this expansion of the platform, Mara McNeill has been appointed president of PayPal Bank. She has approximately 25 years of experience in banking and, prior to joining the company, was part of the executive management team at Toyota Financial Savings Bank.

According to PayPal reports, since 2013 it has generated more than $30 billion in working capital loans to more than 420,000 business accounts worldwide. Therefore, this initiative would further consolidate support for small businesses seeking to expand through investment in inventory and business equipment.

This year, under the Trump administration, licensing applications have been further encouraged, which has favored deregulation to allow financial institutions like PayPal to continue stimulating economic and business growth.