New Square Loan in 2024

[SPPhotography1]

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!

[Paulynne]

From my understanding, it is something they have to offer you. And it seems to be offered to people who are making about $500,000 or more per year.

[locksmithnick]

I got mine in November and only ran $175k through Square that year. I also got my 20th Square Loan that same month. 

sitting at 77% paid now…and should hit over $200k in sales. 

[PFS36]

We're at 180k right now so I'm not sure. Most small restaurants do 1m and under. The big box restaurants use a different POS, so not sure what Square is up to.

[PFS36]

We got our first offer at 40k, and our second at 75k .

[Twpchair]

If you are eligible you will be notified. They tested it in the Beta group and seems to be moving along and hopefully soon they will announce how, who, what needs to be done if anything. It's just in the testing process and hopefully we will see soon!

[Twpchair]

He got very lucky, and in the early stage, it probably just snuck through. If you are eligible for a card, you are not eligible for loans. This is being tested in the Beta group for a small group of people. It seems to be going good, and no hiccups really. I had to read 4/5 different articles on it. Sounds great hopefully it works and offered to everyone and can replace the loans and the mystery algorithm! Going forward is a great thing but it doesn't come easy or without delays and bugs to fix.

[locksmithnick]

My Dad currently has a Square Card AND an active Square Loan offer in his account right now… 

[ohboi]

I’m in the restaurant industry. I’ve have plenty of loans with square all of which are  paid off usually within 3-4 months. 

[PFS36]

I am, too, so I wonder if it's something to do with the restructure and teaming up with US Foods?

[ohboi]

Maybe… but what’s funny is we have US Foods as our main food provider lol…

[PFS36]

And what else is crazy,  their stock was a top performer yesterday and they beat their projections a lot. Makes me wonder if restaurants are about to be their main objective.  Seems like not many restaurants are seeing an offer.

[itisnotjustpiza]

We are also waiting for an offer over a month paid off.  Pizza biz.  We are in a mall and they have let the air conditioning go.  It is having an impact on business.  Pretty confident they are looking to sell.  If anyone is interested in a mall. 😁

[PFS36]

I tell ya, the restaurant business is tough these days.  We've been in it since 2015 .

[Twpchair]

It is here as well. I have noticed more fast food closing than mom and pops, though. I'm really curious to see what happens with our minimum wage going up to 15.00. I know for myself, I'll be working more (as if that's possible) so will my husband and family chipping in on the weekends. 

[PFS36]

It's been quiet on here. Hoping everyone is getting great news.

[Healthyketo]

I think it’s just all of us coming to grips that we may never be offered a loan again. Lol

[PFS36]

I think you're right! Lol

[Paulynne]

This seems to be an unexperienced phenomenon in Square loan history. I’ve never seen this many people paid off with no offer. I think the program might be oversaturated.

[PFS36]

Maybe there's a glitch and they just need to smack the side of the main computer so it will act right lol

[Paulynne]

😂

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