CAPITAL SINCE COVID

[BNBSigns]

Good Afternoon

Just curious is anyone has been offered a capital loan since the COVID 19 nightmare?  I am at 97% on my 10th loan with no offers. Its pretty disheartening considering how long I have been with Square and the amount of money I pay them daily (No speaking of capital payments)  Just looking for a little hope.  Worried going someone else is the only option now.

[sayra]

Hi there @BNBSigns.

We appreciate you and thank you for sticking with us through these tough times. We continue to provide Capital Loans for our sellers. Please contact one of our Capital Team members for an update or guidance on a new loan. They will be your best resource. You can reach them via email here or by giving them a call at 1 (855) 700-6000 (Monday-Friday, 8am-5pm PST) - you'll also need your customer code. The steps to look up your code are here. 

Let me know if you have any other questions. 

[BNBSigns]

I tried contacting customer support and got the same " No Answer Response"  They always talk circles and never directly answer the questions.  I have been with square a very long time and managed to pay off my 10th loan during the COVID nightmare.  Not left with much of a choice other then leaving Square.  Thanks for you response.

[sayra]

@BNBSigns I’m very sorry to hear that.

To clarify my previous post, we continue to review accounts for Capital loan eligibility. While you might not see anything today, your business will continue to be reviewed for eligibility. If your business becomes eligible again, you will see a loan offer in your Dashboard. Check out this article that touches on resources around business financing if you haven’t done so already: Square Capital COVID-19 Business Financing Resources. I know this hasn’t been the best experience, but I really hope you stick with us moving forward.

Let me know if you have any additional questions.

[jaechandler68]

@ecantiques5 

Check this out! 

[ecantiques5]

@jaechandler68 

Thanks for sharing this reply from a Square  Admin.

I hope that what is being stated by the rep is true, BUT, still have we seen a single post from ANY SELLER receiving a loan offer in the last 2 weeks?  I find my inclination still to lean to the apparent fact they stopped the Capital program.

I feel this post is just more ambiguity and " we are saying this but in reality doing this".

I hope they do bring the program back. My problem with Square is how they did the sellers with dashboard offers... yanked those offers they had earned.....and left them high & dry. And their roll out of SBA PPP was late & flawed in lower loan calculations and duplicate applications.

I am getting used to the 2.9 % flat processing rate(since our 10th loan has been paid in full for weeks now.. that 16.5% repayment was a good chunk of $$$

I wish you all the best & I do hope sellers do get capital offers soon. I know we are in challenging times.... but together we will rise❣

[jaechandler68]

Total agree! I sit here and remain hopefully that Square will bring back their Capital Loan Program but as I look into it more, the answer is the same. Empty and repetitive. I wish you and your business more success.  

[ecantiques5]

@BNBSigns 

Same boat as you...paid off 10th loan DURING Covid. Very disappointed over how Sqaure has disenfranchised their loyal, compliant and hard working (during covid) sellers.

Wish you the best in all your future endeavors 😊

[jaechandler68]

Update:

We got a Square Capital Loan today. Half on what we get from before.