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!

[PFS36]

At this point,  a sale is a sale. I'm just happy that we're on the uptick. School has started back, so not as many folks will be on vacation and this week is payday for a lot of the surrounding businesses.  All the cash is why we don't connect a back besides our own. 

[ls725]

14 days paid off now, still waiting on a loan, I've almost convinced myself I'm banned from receiving a loan lol.

[PFS36]

Which industry are y'all in?

[studio219ink]

Tattoos and body piercing

[Twpchair]

I don't get it at all? Hopefully, something will happen soon!

[studio219ink]

I've decided I'm just going to pay off my balance. If i'm going to wait for another loan, I'd rather be collecting 100% of my money while doing so.

[PFS36]

Yeah, I've given up on an offer.  Just more money in our pocket once the loan is fully paid. 

[Twpchair]

I don't take offers all the time especially in the summer that's our busy season. Sometimes in the winter I will if needed especially in Michigan and how bad the winter is. But I do in the summertime put 10% away in square savings and that way I don't touch it. Come fall I buy inventory, sale items, whatever I need at the store. Hun, it's rough out there and unfortunately imo I'm not sure if we've hit bottom yet. That's why I watch the market and all lenders and they are holding tight and watching too.

[Twpchair]

That's all any of us can do right now. Hopefully, things start to give soon!

[Kpramos65]

Anyone got a new loan lately I have paid 80% and still no offer

[TheRealChipA]

Hi @Kpramos65.  Square Loans are going out regularly.  I have received one offer a week for the past month or two.  Having said that, it seems that new offers for existing customers are still being delayed.  While they used to start sending new offers at as low as 70% completion, that is not the case right now.  Most offers I’ve heard about are not starting until the high 80% and low 90% and many sellers aren’t receiving new offers until their existing loans are paid off, with some waiting for a few weeks after they’ve paid their loans off.  Everyone is different.  Something about your account is causing the loan black box to delay a new offer.  Once it is ready, you will receive one, I’m sure.  Good luck!

[Souloutcafe]

I’m a small business owner muse and I’ve depended on square I’m 79% now and my fryers went out I’m praying they resend me a new offer because I don’t have the extra funds to get a new one I love working with square and I’m trying not to go anywhere else but it’s getting really hard waiting on them to offer help.

[Healthyketo]

Nope been paid off since June 28th all green on good standing and nothing 

[eatMoroccan3119]

We are 81% paid now on our 58k loan. Business have slowed down though at least 30-40% drop in the last few months. It's been bad in san francisco. Patiently waiting for next offer. I assume it will be much lower since the drop in sales. We'll see.

[Twpchair]

Hun, I am so sorry. Unfortunately, I'm seeing certain states just kicking it or their line of business, and others are 200% up????? I'm in Central Michigan, and for the last 3 years of 12 years, we've been maintaining or slightly higher or the same. I don't don't take every offer. Our busiest time is now, and winter is year to year. So, I freak out in the winter 🤪 

[Twpchair]

What line of business are you in? There's one on here now from San Francisco in the restaurant industry. She is not very happy about it either. The cost of food is just crazy. I don't understand why people don't understand why 6 wings or a good burger or steak has gone up! Are they living under a rock, on a longgggggg diet? It truly baffles me with that. Each week, I go shopping and up again and again. My friend has a little bed and breakfast and she has there a small cafe and a gift shop. She showed me her spreadsheet just the last 2 years up and up wings about 60% hamburger 50% I didn't see one thing that didn't go up the take out containers 50% I told her why can't you make copies of that and put it in menu? I'm watching chain restaurant's closing up weekly, and apparently, they don't connect the dots?

[PFS36]

Oof! A 40lb case of quality chicken wings goes for 130 to 175 bucks! No mr customer,  we can not do 50 cent wing night ! It's ridiculous! I'm still trying to figure out how chicken,  the cheapest food you can farm has become the most expensive.  Anyway,  food cost are up for restaurants and consumers all together.  Square has helped us small businesses during these price increases. Hopefully ours will come through so we can transition to our new, more populated area. I'll never open in another small town that doesn't seem to want to grow. 

[MrBond705]

I just received a offer.. Half of what I received before.

[Healthyketo]

Awesome! What percentage were you at? 

[MrBond705]

86%

[Twpchair]

Great news 👏 I am sorry it is less than expected, but hopefully, it helps you out now, and hopefully, this flat line will be over and back to good! Thank you so much 💓 for keeping everyone posted