Hello I’m new here I’ve been with square for 22 days I’m in all green have made 20,000 but I’m real

[Soulout24]

👋 everyone I’m new to square been with them now 22 days I’m in all green have made 20,000 but this month I’m really needing help do anyone know when they will offer me a loan ?

I have a restaurant in Alabama 

[Minion · Accepted solution]

HI @Soulout24 

Welcome to the Square Community.   Congrats on your progress so far!  As for loan eligibility, you can find more information here on that.   I would suspect that it has to do with your time with Square being so new.  There unfortunately isn't any magic button to be able to be pushed, its just a matter of doing business as usual, increasing sales and customer mix and keeping charge backs away.

Best of luck!a

[Minion · Accepted solution]

HI @Soulout24 

Welcome to the Square Community.   Congrats on your progress so far!  As for loan eligibility, you can find more information here on that.   I would suspect that it has to do with your time with Square being so new.  There unfortunately isn't any magic button to be able to be pushed, its just a matter of doing business as usual, increasing sales and customer mix and keeping charge backs away.

Best of luck!a

[Adalynn]

Hi @Soulout24,

Thanks for posting on the Seller Community! We appreciate you trusting us with your business processing needs.

While you are processing with Square, Square Financial Services automatically reviews your processing activity to evaluate loan offer eligibility. If we spot that you’re eligible to apply for a Square Loan, we’ll proactively reach out to you (via email and in your Square Dashboard) with a customized loan offer.

You can learn more about how your business may become eligible for a loan in our Support Center.

If you have any other questions, please feel free to contact us directly!

[Soulout24]

I’ve been with y’all now for almost 60 days done done almost 50,000 and when my business really need help we can’t get it 

[VanKalkerFarms · Accepted solution]

I wouldn't expect anything in this early of a timeframe.  Just logically, if someone has almost no business history, I wouldn't want to be giving a $10,00 loan to someone who has only taken in $50,000.  Yes, this is when loans would be good, but it is also when most businesses fail.  I know that sounds like a lot, but in the scheme of a business, that is an almost negligible amount.  No one knows the exact Square algorithm, but only once an offer is made will you know you have met the requirements.  

If you think a loan is necessary, then your best bet is going local to a bank or credit union.  That type of loan will also likely cost you less overall.