Philadelphia Coffee Shop Owner Using Twitter Founder's New Business Venture ...

Pat Ciarrocchi

In addition to anchoring and reporting news for CBS 3, Pat Ciarro...

By Pat Ciarrocchi

PHILADELPHIA (CBS) - Small business got a boost from a big business giant Tuesday.

The founder of Twitter came to Philadelphia to meet the owner of a coffee shop using Jack Dorsey's new business venture to help his grow.

HubBub's barristas were creating afternoon magic in a cup.

Sipping nearby, Jack Dorsey, the 38-year-old co-founder of Twitter.

Dorsey is now on a mission with a new enterprise - to level the financial playing field for small business.

'They need access to capital, investment or revenue,' Dorsey said.

He says banks are cumbersome.

So Dorsey took Square, his mobile payments system and developed Square Capital.

'It's not a loan, it's an advance with a fixed fee that you understand right up front,' Dorsey said.

For HubBub owner Drew Crockett, a perfect blend for an entrepreneur who needed branded cups for his three stores, but there was an expensive minimum order.

'50,000 cups.'

A' lot of banks look at that and want you to jump through a lot of hoops to get this type of capital.'

A loan of less than $10,000 dollars did the trick.

'You tap one button and that money is advanced to your bank account the very next business morning and you can start using it.'

Dorsey calls it a flexible and an essential tool like Twitter.

'Twitter, we knew the idea was so essential. It would be big. We had no idea how? '

Twitter says there are 271,000,000 active monthly users.

Dorsey calls it a tool for communications.

'People pick up simple tools and make it theirs. and that to me is the power of a good tool. They make it theirs. '

'I think a young audience and a generation coming to competing devices today are not using email as much. They're using Twitter.'

'Twitter persists because it allows for every type of media and every type of medium and all technologies that do, will be timeless.'

Dorsey thinks the 140 character messages allow people to speak more dynamically.

'The constraining inspired creativity and that inspired more and it really worked out.'

At HubBub Square Capital is inspiring more - a branded coffee cup on the street very soon.

You may also be interested in: