New Square Loan in 2024

I’m at a bit of a loss for what else I need to do to be offered a new Square Loan at this point. I’ve been with Square for over 10 years, had 7 loans now that I’ve have paid back early every single time. Metrics are all in green, record sales year. In 2023, record numbers across the board, no refunds, no complaints or issues of any kind in our entire history. Current loan is 80% paid off, but no new offer in site. This is the kind of stuff that causes businesses to find someone else to process through! Please help! I’m sure I’ll get the same old excuses that you guys send to everyone about looking at every aspect of the business. But there isn’t a single aspect that isn’t way up. I’m not sure if there is a new process they are using now, or if there is some kind of issue with my banking or something else I’m not thinking about or aware of. Any help would be much appreciated. Thanks, because I could really use some new capital to start the year off with and reinvest into my business!

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Maybe lower sales in the summer months with food trucks out and about. Higher labor and food costs trending. Less stable market. But also found an article stating this…. “ Block in 2023 replaced the head of its merchant Square business, Alyssa Henry, with Block and Twitter founder Jack Dorsey.”

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Remember Jack Dorsey Co founded square. Also he is a Programmer and he took back the reigns of the company and probably made some changes to square loans when he got back in the office. Notice the loans have been wacky for restaurants in particular since the end of 2023 and all of this year 2024. I’m just putting 2 and 2 together. I believe if they just came out and said we are slowing down on loans we wouldn’t be eager awaiting new offers. Lack of transparency is really why we are all here.

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UK based Food Industry been paid in full since April 17th, metrics are Green, up on last year! I’m enjoying not paying 20% daily now so not sure if I’d take a loan again. Square could miss a lot of windows for lending to those like me that will now think very carefully, being diligent in just putting my own money aside for bulk stock buying and a second premises instead.

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Yep my account updated at 3:52 with no offer. But at 5:05 got an offer 

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Still has no offer @ 86%. Good luck to everyone!

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Do you guys put your cash and check sales into Square also, or just your card transactions? I went away from paper receipts last year and now ring every transaction, cash/check/card, through Square. Just wondering if everyone else does the same… 

 

May lead to higher loans?

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I am guessing they are emails stating they are now offering up to $350k instead of $250k.  Not specifically offering larger loans to each person.

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Looks like the dashboard is down.

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I believe, based on the info that I have from relatives and friends who use Square and Square loans, that this is industry and possibly even market specific. They’re still giving out loans right at the 75% mark to good businesses that they probably feel are “recession proof”. 

Im currently at 72%, probably 73% tomorrow, then taking a trip out of town for a few days, but I expect to be at 75% by the first week of August. I’ll update you when my new offer comes in and if it were more or less. My sales are up over 40% for the year, so I believe the offer will be higher than the last from November. 

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Keeping my full daily sales is really nice though, not gonna lie, even though I would love a loan so I can re-stock my store with accessories.

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That's awesome! Congratulations! You definitely needed it after being closed,  I'm sure.  Thank you for the update!

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Good morning! Here’s to another hopeful day. 🙏 I’m praying for someone to get an offer today. 

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Square Champion

All right, it's pep talk Tuesday! Please believe me when I say I've been there and done that. I've been where my give a **bleep** has busted! But remember how hard we've all worked to get where we are! It's 24/7, and nobody gets that, but US! If we aren't answering calls and messages all day and night, it's a miracle. I know and understand believe how important each and every loan helps small businesses from new equipment, advertising, inventory the list could go on forever. But we are fighters, and together, we can do this and come out ahead. Look at all of us still going as big corporations are closing daily. That's because we all give our hearts and souls into our business. I truly appreciate all of you and your words of encouragement ❤️ we can do this and come out on top! Square wouldn't like me in the loan department because I would be you get a loan, you get a loan, and you all get a loan! Thank you all so much for sharing your stories and information it really does help others who are just lurking or commenting.

> Square Champions Innovator, Beta Community Member, Square Champion Expert, Square Champion Advisor.
If I helped answer your question hit the best answer. Thank you!
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July 31st @ 8:18 PM PST: no offer in sight, loan paid off for 11 days now. Huge increase in sales compared to last quarter, Square Loans doesn’t want any of it :(.

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Here’s to a new month! 🙌🏽 Praying we all get offers soon! 

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Dang, I hope it picks up. Ours has picked up since last Saturday and everyone gets paid this week in our area, but the majority for the last few days has been cash. 

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Updated at 3:36pm cst no new offer sadly. Been super slow today but since I’m an online business sales usually don’t come in until later in the evening. Metrics still green and good standing so I’m thankful for that. Still hoping for an offer soon. Would be amazing especially at the beginning of the month. 🙏🙏

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Just hit 90% paid off, still hoping that an offer comes through.  Last week sales dipped and dropped into “needs work”. Had a few bigger transactions at the beginning of this week so we’re back to all green. 

Hitting our slow season, so could really use it now.  Good luck to everyone else waiting! 

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Mine has always gone to "needs work " every Wednesday since we're closed Monday through Wednesday.  Seems like they'd take hours of operation into consideration.  Best of luck to you!

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Over a month paid off, dashboard just updated and no offer. I’m starting to think we are the only 2 banned from ever receiving an offer. Lol

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So who is paid off and waiting on a new offer, BUT has a Square Credit Card? Maybe that’s the issue for those waiting… 

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