Has Square Loans stopped making loan offers circa 2020 ?

[JonathanBarber]

Is Square looking at the current bank failures.....especially one close to home for them, SV.....and pulling bank on the lending to established Square merchants with multiple past loans ?

The standard formula doesn't seem to be operative.

Anyone else stymied ?

[HC_Charlie]

Hello @JonathanBarber  thanks for your post. I know it's frustrating waiting for a loan offer, especially when you've been extended a Square loan in the past. There isn't a guarantee that you'll receive additional future offers, there are a lot of factors in play. Check out this article for some more info about loans. Eligibility may be different for every seller, and accounts are reviewed regularly. You don't need to contact anyone, just keep an eye in your dashboard if a loan offers becomes available.

I do know that loan offers are still available and are being offered, the only advice I can give is to remain patient. I hope you'll be able to receive an offer soon and wish you all the best in the new year. As a fellow business owner, I know how much new capital can help a business and I've also taken advantage of Square Loans in the past.

Good luck and thanks being a part of the Square Seller Community!

[Sammie_C · Accepted solution]

Hi @JonathanBarber!

Thanks for reaching out on the Seller Community!

We appreciate you sharing your concerns about Silicon Valley Bank and other events but our Square Loans program is still ongoing and we are still extending loan offers. We are still continually re-evaluating Square accounts on a daily basis to determine if they’re eligible to receive another loan offer.

Please note, new offers are not automatically extended when a certain percentage of an existing loan is repaid, but businesses may become eligible for a new offer when existing plans are closer to being repaid. This timing helps to ensure a significant portion of a new loan can be used to reinvest in the business directly rather than repaying an existing loan balance.

Keep in mind that we can’t guarantee that another offer will be extended before or after the current plan is complete. Repaying the existing plan does not guarantee that the business will be eligible for another offer.

If you are not currently eligible for an offer, your account is automatically reviewed daily to determine eligibility. Offers are based on many factors, including, but not limited to, your current payment processing volume, your customer mix, and your Square account history. 

If you become eligible again, we’ll notify you directly through email and your Square Dashboard. To learn more about Square Loan eligibility, visit our Support Center.

Please let us know if you have any other questions!