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!

[cmeshine]

I would think its card sales not including cash.

[ls725]

I reached out to Square about my loan, asked if there was anything I could work on and have gotten no reply in over a week, we have paid so much money to square with monthly processing fees and loan fees and now they cut us off and left us in the cold, craaazyyy.

[Healthyketo]

We spoke with square this morning with our account manager asking if they cut off lending to food service businesses cause we are a meal prep/bakery and I was told that nothing has change and the same generic response. He also said he was going to get with his Colleagues that work in banking for square and ask if anything has changed for food businesses getting an offer. Waiting for a call back. 

[PFS36]

Thank you 😊  you're too awesome!

[locksmithnick]

Mine was approved in 7 minutes. Money is on the way 🤘🏻

[ohboi]

That’s awesome locksmithnick. You got big money and the credit card! The rest of us restaurant people are out in the cold with square I guess. I just wished they would have sent out a memo and said they were not lending to restaurants anymore. 

[PFS36]

Guess we're gonna need to have a big sale on burgers lol

[ls725]

Where @?? I'm about to slide and buy some burgers from ya :D.

[PFS36]

🤣🤣🤣 Mississippi where you don't need a griddle because it's so hot.

[PFS36]

How long was it after you were updated for the day?

[locksmithnick]

Right about 2 hours. I knew something was going on within the account, because sometimes when someone is leaving me feedback or paying an invoice or whatever, my phone will get a random “connect a reader via Bluetooth in the Square App” (or something like that) and it did that, but no feedback or invoices were paid. So I went on the website, and there was my offer at the top. No email alert, just had to check the dashboard. 

[PFS36]

That's definitely a great surprise! Hope everyone gets one! So excited for ya!

[Alexis321]

Congrats!

[Bonzy2010]

Restaurant...77%, on 12th loan, usually offered between 65-75% no square credit card..nothing yet with offers

[cmeshine]

I am at 82%, and all green on the loan metrics.  If offered a new loan, this will be my 12th loan offer, according to the dashboard.  We have been receiving loans from Square since 2017.  I find posting here does help others get an idea of how Square Loans algorithm is trending on offers.  In the past 76% was the "norm" before another offer was made.  

[ls725]

I know it's pretty rough right now, everyone I've seen so far with the exception of maybe 2 people have not gotten loans even after reaching 100% paid off for weeks.

[cmeshine]

I will keep this thread updated if and when we receive loan.  I feel like the info is helpful.  

[Twpchair]

There's been about 2 per week roughly, and those came later in the week. Last week was Friday and Saturday and the week before 1 on Friday. You are right it's been a rough July and August so far. If people remember or go back last summer, it was exactly the same. Right now, I don't see much movement until things calm down.

[Twpchair]

It definitely helps others see a trend, and right now, the trend is ugly to look at. But if you or the next person all paid off and yet loans are flying out, I might start to get a little concerned. But that's not what we are seeing it's been a rough July and August period. Good luck to you and thank you for posting 

[CGreens]

I'm now at 97% all green, no offer 😞

[Paulynne]

Just to add some insight. It’s not just restaurants. I am in retail (women’s and men’s apparel). 14 loans with Square and normally get an offer between 65%-73%. I’m at 77% with everything in the “green”, and nothing has been offered.