Has anyone received a loan offer in 2023?

[Blackbear579]

I'm at 71% and usually see a offer by now (between 65%-70&).

[#2]

I'm where you are at (minus the actual loan offer part.) Sale are up about 60% over a year ago and processing is up about 65%.  All the other things are in the green.

I think most people's frustrations are that it's just not transparent and there isn't a clear goal to strive for. It is also disheartening to just be told the same quotes over and over. It comes across as uncaring and impersonal. Which if that's the case is fine, that should be conveyed to clear up misconceptions and so people don't get their hopes up. It would also come across as more professional to state those things (economy and such) from Square itself. It would let people know where they stand and can make appropriate decisions. 

[lisap1970]

Thanks , I’m trying.  Just really worried. 

[HTB44]

We are processing close to 750k-900k for the year and our last loan was 82,000. We are 72% paid off and nothing. Not even today. Frustrating.  When I call they just read from a script and say the same thing over and over. "sorry we can't manually look at it you just have to wait".

I think that is where most of us get upset.  We pay tens of thousands of dollars in processing fee and then thousands of dollars in loan fee that we are willing to pay to advance the business and they just say "sorry guys, nothing we can do".  

[lisap1970]

I think you are right. I don’t do near the volume of sales your business does. My loans are much smaller and still nothing. I’m sure if they review our businesses like they say they know that the holidays are big for small businesses and inventory is a must. I’m trying to be patient.

[BIGK]

We just received an offer at 66% paid off and it is more than double from the last one. I have received 2 loans within 2 months so hopefully the next one will be double the amount of this one! 

[Me2018_]

Hi, good to hear, what is your average frequency/ month?

[Koleen1234]

That’s great! So happy for you. Was your last loan paid off before you were offered another 

[Solstice]

It was. Both my last two were paid off before reviving new offers. 

[anchohoney]

Just adding my voice to the chorus of people who are at 83% with no new offer, after 6ish previous loans all paid back in time and with increased sales this year. New offers previously came at 60-70% It’s literally killing my business. The total lack of explanation is beyond frustrating. Is Square trying to cover their ridiculously tanked stock price? C’mon Dorsey, loosen the purse strings for those of us who have been loyal for years and paid back every loan as agreed. 

[Koleen1234]

You are 100% correct! 

[Jen14]

My thoughts are a lotta small business loan are defaulting. Square go’s from giving our businesses 2 loans a year which keeps half our businesses afloat for the next season. It’s pretty wrong to not give any of their loyal customers an heads up. You don’t do that. Now I’m going far and beyond to make more sales to feed their pockets. 

[lisap1970]

Totally agree

[anchohoney]

I’ve started looking into both Toast and Clover, who both now offer a similar loan program to Square. I realize my 15k in annual processing fees and 15k in loan fees are small potatoes for them, but maybe another company would like to have that revenue.

[lisap1970]

I agree with you. I’m a very small children’s boutique and my loans have been on the low side. But I still have lots in loan fees and processing fees.

[Koleen1234]

I tried talking to someone at square nothing. I am looking at other cc processing companies. This is just kinda ridiculous for businesses that count of these loans 

[photoguy2019]

so true its crazy how they don’t let us know anything valuable about this process….

[TaylorA92]

Are people receiving offers without connecting the banks? 

[lisap1970]

I’ve seen a few . I did. Still no offer 

[Koleen1234]

This is getting ridiculous for all of us that count on these loans and that have been with square forever. 

[lisap1970]

I know. I get more and more upset every day. I have vendors calling me where I got inventory on credit . I should have known better to depend on the square loan after they told us not too. But after 18 loans why would I think I wouldn’t get another offer.  I just wished they would give us more information.

[Jen14]

Yeah I’m pretty **bleep** as well. 87% and nothing. I had a big sales weekend thought that might do it…nothing!!!! I have old inventory in the back that was damaged. I’m about take it to the tailor to fill in empty spaces and make my shop look some what  like Fall. The only down fall your regular customers get to start saying I brought that last year from you! So embarrassing. This is Annoying! Don’t appreciate this at all. Only thing I start doing was shopping the sales section on my vendor’s site and try get warm/ fall colors that was summer styles  but still pass for Fall. 

[lisap1970]

Same here. It’s so embarrassing to use last years inventory. I don’t know what else to do.