Hi @Gladonne. Based upon the experiences of others I have worked with here, I would not count on it. In this current economy, new loan offers seem to be happening much later than many sellers have experienced in the past. And I’ve talked to a few who completely paid off their existing loans and still waiting a number of weeks before receiving offers. As for myself, my current loan was received in the high 80%, as I recall, maybe even the low 90%. I can’t remember for sure, but it was somewhat later than in the past.
One other thing to keep in mind. The size of new offers has been a mixed bag among sellers as well. Personally, I suspect that those with lower offers got those lower offers because their sales were either flat or even declining. Since I don’t expect people to actually be straightforward about this when I ask them, I just don’t ask. The point is if you sales have been flat over last year, or only slightly increased, I would expect your new offer to either remain flat or even decline. Again, that’s just the economy. I suspect that you will find the same experience going with other routes of financing, even Fintechs (which I don’t recommend, by the way!)
It can’t hurt to check with your local bricks-and-mortar bank, and even to look into an SBA loan if you can’t wait on Square. The SBA recently lowered their qualification requirements as well as lowered and even eliminated collateral requirements for small 7A loans, under $50,000.
Anyway, I know that isn’t exactly what you hoped to hear. But, what I said is pretty realistic based upon what I’ve seen here in the Community.
I wish you well!
Chip A.
Square Expert & Innovator and member of the Square Champions group. (But NOT a Square employee, just a seller like you)
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