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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Square Champion

Unfortunately, you are 💯 correct! I try to tell people to please go jump on their sites or reddit, and it's the same thing everywhere. And please 🙏 don't listen to a Rep. trying to sell you their products and equipment and guarantee in a couple of weeks after everything is all set up we can double your offer! 😆 🤣 😂 it's not funny, honestly, because you are 100% correct it's right there in black and white under loans. You start out just like square in 6mths-12 months with your 1k offer. Hopefully, it breaks soon, everything calms down, and lenders will get back to normal. Until then, just tuck that percentage away and let it build up. 

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You are on the same boat as a lot of us. I’ve been paid off since June 28th all green in good standing and nothing. Had 6 loans with them and paid off all way before the due dates and no offer in sight! Very disappointing! 

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It is but hopefully 🙏 it will come soon

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Yes, received a loan offer at 83% this past Saturday.

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That's awesome give me hope .and congrats. 

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Has anyone gotten anything lately? 

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Negative.  Still waiting and sales are up.  

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Square Champion

I didn't see you 😕 I was hoping so bad to see this board clear, not fill up! It's rough, and I wish I could tell you that it's coming hold on, but I'm seeing it everywhere, and it's not good. All lenders are holding tight right now, and when the news talk about the market crashing all over the world and then "recession," they are watching. They have holders to answer, too. If the media would stop with talks like this and raise that interest rate now, smh. It's got to settle down from a crash to up and back down it's crazy. I really hope you and so many others get something soon. I really have been there and done that, and I know. Good luck and keep us posted and keep pushing them sales! 

> Square Champions Innovator, Beta Community Member, Square Champion Expert, Square Champion Advisor.
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Thanks like I said at least almost done so I may not end up needing it school back in now tx .so sales going up everyday little by little so .12k and change left .

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Square Champion

I'm retail furniture, and this is our busiest time of the year till Christmas, but in Central Michigan, I sometimes freak out if it's a bad winter. That's when I make sure my line of credit is at the credit union and all late spring till the winter. No loans, and I put 10% a day away in my savings account, and I don't touch it. I can pay bills, keep up with supplies, etc. It adds up fast when you're busy, and you can put 50-100.00 away, and you get that interest. Good luck 

> 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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Nothing at all. Something seems weird with the food industry at this point. 

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Right, my thoughts exactly! Probably too many restaurants closing down and defaulting on loans. But if only square would jump in and extend the capital that maybe could have saved a lot of places. Who knows? 

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We are a window cleaning company and have had multiple loans in at 81 % and nothing 

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You should be receiving something soon. Alot of us food people been paid off for a while and no offer. I’ve been paid off since June 28th and still waiting. Sales are up all in green and nothing 

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Still nothing at 89% all green,  sales ticking up (mostly cash) . Guess we'll just roll with it and get it paid off. We'd love to have a boost, but we're getting by.

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You could be correct.  We see a lot of people that have no experience in owning a business,  much less a restaurant and they get money then go buy items they couldn't afford before rather than putting back into their business.  We put everything back into the business. 

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Yes, we have a seen a lot of people jump in without any prior experience. I’ve worked different food industries from production, to auditing, and restaurants. I have my bachelors and masters in food science and food safety and have worked my butt off to get my restaurant going but we’ve had so many setbacks with our ac, our vent hood, our electrical. last week my window was shattered by a rock!! 

 

my sales have been up and down and my tax return got lost by the IRS. my life is murphys law sometimes but our community and my staff usually rally behind us. we just need this loan so we can BREATHE 

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I understand completely and was just saying that sime, not all . Our vent hood went out last week,  plumbing needed work, short-staffed,  etc, so I get it. Not to mention food costs, utilities and everything else under the sun has gone up.

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Square Champion

I don't get it why customers are surprised if or when a restaurant or food truck raises prices? 1. Where have you been the last 2 yrs? Do you eat, shop, and put gas in your car? It truly baffles me to go leave a review of great food. Great service, but prices are almost doubled! 1 star. Apparently, small businesses are supposed to just go in a hole and absorb all the higher costs so you can still have your 5.99 burger. Nope, of all sectors and all areas, we get it the most! Small business is the backbone of the world and we are on our own right now and without you or me and all of business good luck shopping at Walmart only or hope you don't get tired of the golden arches. You want a pizza. Hmmm, I hope you like little Ceasars. Yuck! Sorry for the rant 😅 I get tired of it too. Good luck!

> 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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Oh I get it buddy believe me .it's nuts I asked a lady were do you live under a rock or what .can I have a ranch yea how many they are this much .oh!!!!? There not free yea I go get them free they don't charge me cause ism a nice guy .lol it shocks me as to what people think and expect. But thanks for ur input 

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Square Champion

Ughhhhh, hello, my twin is in the IRS department! Thank goodness I use a bookkeeper every month and yearly for 12 years because they can't find mine this year after 12 years? I stress about my shish tzu not eating, let alone taxes smh but our accountant said that is what I'm here for, and your company is covered for 5 million l😆 😂 😅 🤣  I wished! Oh, our roof yesterday had a limb from a "strong storm" tornado really stuck a limb in my roof and I'm not there due to a family emergency and friends kicked in and kept the store open for 7 days! Ughhhhh, hun when it rains it pours! Do you have a good relationship with your bank or credit union? I have a great small 5 branch credit union and got a line of credit in about 2 hrs and an account set up and cards everything link and done. I'm not trying to steer you away from Square but if it is an option until an offer comes? Please 🙏 keep me updated and let me know how you are doing! Good vibes your way!

> 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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