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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I’m in the spa/wellness industry at 92%. Nothing yet.  It will be my 7th loan. Normally get offers around 75-82% 

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I believe it's all across the broad  .

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Was wondering, too.

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Be nice to know if anyone knew .thanks in advance. But hopping and pray that people get the help they need 🙏 God knows I need it to making it easier. 

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Amen! Every time I see that someone gets an offer, I get excited for them. I really enjoy seeing everyone succeed in small businesses. 

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Ameen  we all have to help one a other. Us little businesses. 

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No still waiting now I’m hoping to pay it off fast so o get all my profits 

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Sales way up at all locations (5 total). One has been paid off for months - no offer. One is 96% - no offer. One is 82% - no offer. Have two others. 71% paid and like 15% paid. Everything is green across the board in all five locations. Best sales we have had to date (7.5 years), and nada. 

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Square has definitely either stopped or slowed down on offering loans to the Food Industry while other industries are still receiving loans. I’ve paid off multiple square loans within 3-4 months. Been paid off since June and no loans, everything green and sales higher. I wish they would just release a statement saying they are not lending to restaurants at the time being and. Will be revisited in 2025.

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Square Champion

Square has definitely NOT stopped loans to F&B sellers.  I sell ice cream.  I’ve received over 4 offers in the past few months, and I’m not even in the market for a loan.  I know a local coffee/pastry shop seller who is also getting regular loan offers.  It’s never a good idea to generalize because of our own experience, because that scares others needlessly.  So, for anyone reading this, the F&B industry IS getting loan offers.  However not ALL F&B sellers are getting loan offers.  That’s about all that can be said, really.

Chip A.
Square Expert & Innovator and member of the Square Champions group. (But NOT a Square employee, just a seller like you)

Was my post helpful? Take a moment to mark it as a solution. Marked solutions help other sellers find possible resolutions to similar problems. Also, if you find your solution elsewhere (say, through Support), it is helpful to come back to your post and tell us about it, then mark that as a Solution. Solutions are what this Community is all about!
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It's so hard 😫 when people get used to something and boom 💥 changes. I received one, and I really didn't want to post here at 69% and 4k higher than the last offer in March. I usually get about 5, maybe 6 a year. I don't take them from about May to Christmas. That's my busy time of the year, and winter in Michigan has bipolar issues, I think. That is when I know it's going to be a bad winter, and I probably better be looking at my loan section. I have a revolving line of credit, and I make sure 💯 I have it completely paid off before winter just in case I don't get an offer in the winter. My other issue is that I won't take an offer at 69% paid off and roll over roughly 30% into my latest offer. There goes instantly 30% of the new loan that I needed through the winter. That is just me, and thankfully, there are no huge issues like others on here that have been waiting and could really use a kick start. Pizza ovens down, hood vents out, 2 lawn equipment out. It's really hard for me at times, and I've been there done that, and it really does suck at times. People have no idea how much of our lives we give up as small business owners it's 24/7, and just about everyone wouldn't change a thing. I'm watching daily big box stores and restaurant chains closing up daily, and yet here we are pushing forward! We got this

> Square Champions Innovator, Beta Community Member, Square Champion Expert, Square Champion Advisor.
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Wanted to give some hope to others - I was sitting at 89% paid off, with some of my factors noted as "needs work", and I got a loan offer last night higher than my previous loan! Waiting for it to be approved now.

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THATS AMAZING NEWS! Thank you for sharing this gives me hope! Praying for a lot of us that have been waiting for so long!! Congrats! Hoping for the best!

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That’s awesome! Congratulations. What type of business do you have 

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Congratulations! Which industry are you in?

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Wedding industry, photographer.

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Do you mind sharing which item needed work?

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Processing volume/card sales. Mine have been lower than last year.

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Thank you, and congratulations!

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CONGRATULATIONS!  Im currently at 73% paid back, by this weekend I should be close to 80%   

Looking forward to my next advance 

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Was the loan amount greater than your previous loan offer?

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