Invoice2go has announced a partnership with Square Capital LLC that allows its customers to access small business and micro-business loans directly through the Invoice2go mobile app.

According to a press release, the agreement marks the first time Square Capital, a unit of fintech Square Inc., has made its business loans available through a partner's mobile app.

"Access to capital can be the largest obstacle standing in the way of growth for many small businesses," Access2Go CEO Greg Waldorf said in the release. He cited Federal Reserve data showing that 70 percent of small business loan applications are rejected.

"Partnering with Square Capital means we can help more one- and two-person businesses access the funding they need to buy equipment, invest in marketing, hire staff or invest in anything their business needs to grow," he said.

Loans offered through the partnership can range anywhere from $500 to $100,000. Invoice2go said more than half of the loans offered through the program are in the building and home services industries, making it an attractive option for contractors who need help financing upfront equipment purchases.

Loans are issued by Salt Lake City-based Celtic Bank, a Utah-chartered industrial bank, which is also FDIC insured.

The loan application process can be started directly through the app and approval can be as fast as one business day.