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!

[coolcoffeecrumb]

Oh, now I have a lot of hope!!!!  I am so excited for you!!!  I thought they forgot about us too!!!

[PFS36]

Whew! I was thinking they didn't love us anymore 🤣

[Twpchair]

Hello, you are food as well? Do you have a restaurant type business or food truck? I'm in Central Michigan pretty rural, and our mom and pops restaurants are just packed every day all. We have 3 that's it, I'm really rural 😆 🤣 and the opposite side of town where I am is fast food 5 of them coming from right there is 3 major interstates all conversing into town, going up North or down towards Detroit. Besides the weekends, our locals flood our small hometown restaurants. What's killing us is our hometown grocery store both closed in less than 6 months after aldis, Save a lot, and Walmart moved in all within 3-6 mths of each other? I'm just curious how the market was for the food business is all. I kinda had my eye on a food truck just to put in our parking lot at our business. 

[Jjpainting]

Hey a fellow Michigander. I’m based out of walked lake but 95% of my business is in Ann Arbor. Don’t really have a point to this just saying hi to a fellow Michigander lol

[ohboi]

Got approved and in my square balance all in 5 minutes. There’s hope all my restaurant people!!! Let’s goo 

[Robgrey]

Congratulations 🎊 

what kind of processing have you done this year  and loan did they offer? 
Again congratulations 

[PFS36]

Restaurant people unite!!! 🤣

[Twpchair]

Ok 👍 wow so happy to see our loanerville light up! Congratulations to you 👏 quickly too! Let's keep it going for all those waiting! I'm so happy to see you get an offer. 

[Fromwithin]

I got an offer tonight!!!! Finally! After being paid off for 2 months! 

[PFS36]

Congratulations 🎊 👏 which industry ?

[Fromwithin]

Thank you! Retail 

[Koleen1234]

Congratulations 🍾 

[Swain]

That’s awesome !

[Twpchair]

Oh, I love it! Look at boad. Congratulations 🎊 👏 💐 

[Twpchair]

Finally! Look at this!!! Let's keep it rolling!

[coolcoffeecrumb]

So I got an offer last night.  Although I am happy to have one offered, it's an absolute slap in the face.  My last offer was a Sept 2023, $25k and only took $15k.  Paid off June 8th.  Last night they offered $3570? I mean sales have slowed down but are now just picking up.  Has anyone not taken a loan and then waited and gotten offered a bigger one?  I am a coffee shop/bakery.

[Bonzy2010]

wow...that's barely over 1/5 the previous haven't seen one that much lower vs a previous loan

[Twpchair]

I have, and honestly It was mind baffling. The new offer only covered the 21% he owed?? So if he took it he received zero money and paid off the balance 🤔 that one I've never seen before.

[Twpchair]

Ughhhhh, I can say congrats, and unfortunately, I cut it short like your offer smh. OK, let's get this rolling. Yes, I don't take every single offer. Maybe go 50/50. Now, this is me and my situation only OK because we are all different OK. Yeah, years ago, I could say I  would receive an offer and not take it, and depending on the first offer, I have received higher offers, and a few were lower. Lately, in the couple of years, if I don't accept it at first, I have received offers, but for myself, only none were larger they stayed the same or lowered it. Again, that has been my experience. The next person might have a totally different experience, though. Myself, I like to see multiple people commenting on their experiences in this area. Just sharing information and experiences might help someone else. But again I'm retail furniture and unfortunately how I process, how much is new/returning customers etc. We truly are different from each and every one else. Good luck truly, and I know it's hard and stressful. This is your busy time. You will be processing more and could probably pay that back pretty fast. Is this that moment when they say welcome to owning your own business 🤔 😕 Keep us posted if you don't mind. I'm curious to see if that offers and that you take it and pay it quickly if that triggers one soon after that 🤔 

[DaphySomm]

I got an offer of 8200 last week. I chose not to take via advice from these threads to wait for a larger offer. My offer dropped to 6950. I called in Monday to ask what happened and was told nothing was wrong and there was no reason why the offer was lower. I processed more, am all in green. I also noticed the repayment rate significantly higher than ever. I was warned if I do not take this offer another one may not come through or may be even lower. 

[Jjpainting]

Yeah this is just ridiculous. Just out of curiosity, your last offer of $25k, was that offer much higher than the previous.  My 4th loan offer last November was almost double the previous one, then when my 5th offer came last month, it was cut in half back to the amount of my 3rd offer and I’ve noticed that most of the comments on here, from who just recently received an offer and it was much lower, was the same scenario as me. I’m already 30% paid on my current loan and only one month into it.