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

Yes! I am so happy to hear this! We have a sale going on Friday -Sunday  and kid events, food trucks and so busy I couldn’t get on! Hopefully, you follow the trend of lower than back up again! Congrats and thanks for letting us know! 

> Square Champions Innovator, Beta Community Member, Square Champion Expert, Square Champion Advisor.
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Oh that’s great! I need advice from you on holding store events. You seem to be great at it. And yeah, I’m sure it will go back up. 

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Square Champion

Hello, I apologize I've tried 3-4 to reply, and the boom screen locks up, then under maintenance. Not a good few days on here! When I get to your percentage especially, if I run a sale Thurs-Sun and do 10% off storewide, I use Facebook and Google for this. They are powered tools and are free. I take loads of pictures and post a few times a day with sneak peeks of new arrivals, older furniture, floor models, etc, with further markdown. Our business neighbors have a doughnut and bakery store. I usually get 20-25.00 worth of baked goods and now I would do hot cider and coffee. They or we give each other deals. I post the events that going on. Coloring contest for the kids, pumpkin coloring contest. A gift certificate live drawing on Saturday. All week prior I posted daily on both and boosted some of the posts for 9.95 for 5 days usually in a 100-mile radius and these women came. Last Saturday we tripled to very close to 4x our busiest day. I spent roughly 60-75.00 dollars. It jumps you up and in sales and this is just imo that boost kicks in something in the algorithm again imo. I went back and looked and 85% of my offers were Saturday night usually 7-10 pm after I updated. Thurs is another day again I have done Monday -Wed early bird specials and it kicks it in. I'm retail furniture and it is a little easier to do sales and deals than other industries. Just don't forget the power of free advertising for myself 95% of my first customers are women and then they bring in their spouses. Good luck, I hope you have received a loan offer by now! Hopefully, all the bugs will be worked out.

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Well I got an offer at 97% today.... The loan itself was half less though even though my business grew this year. Strange. This time it's not instant deposit either- had to fill out the information and they'll review it. 

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Yeah it’s a lot more steps than ever before.    I never had to upload photo and fill the forms out. Very strange.  I’ve always had instant approval and deposit best day.   

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Square Champion

That's probably why if they never had it file it sounds like they are updating their systems. I did last year's DL and EIN in the morning and at about 2cl pm money was there. After 12 years that was the first asked that I can remember. 

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What information are they asking for now strange new update for loans probably?

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I had to upload picture of license and second form of id,  enter name and address and banking info 

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Square Champion

Most are basic information, ID, or EIN nothing earth-shattering sounds more like making sure the system is updated is all. Most are asked for information and within 10 minutes or the next day deposit is there. 

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I feel like it has always asked for my EIN and my address. One time I had to go through an actual review that lasted a couple of days and submit identification.

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Square Champion

You're not alone and I wouldn't stress about it. Many have had to add EIN numbers, reverify all information address, phone number etc, sounds like a good update is all. Some businesses were a little more intense but they were ones I guess considered that go through more scrutiny than say retail stores. If you sell like CBD I believe it is oils or supplies. Everyone is different but it looks like a big update of information.

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No I just do houseplants and subscription boxes 🙂 the name is confusing sometimes I know ha. Loan got approved on Monday so all good.

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Odd seems like new form of verification hope you get your approval soon. Currently sitting at 73% right now 

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Finally got my approval yesterday after back and forth with more info every day since Monday. 🙏🏻

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Congratulations 🎉🎉 I’m still waiting on 85% hopefully this upcoming week I’ll get consider 

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Square Champion

Good luck to you!!!! Hopefully, things will start to loosen up a bit, and lenders will relax and we can get back to taking care of business!

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I’m sitting at 87% and still no offer!! I’m praying everyday it will be coming soon!

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Got an offer this morning, 1/2 of my last one. 
In the previous days, the updates got earlier and earlier each day. Yesterday the update said I was still not eligible, and at 5:30am this morning, my business was not open for the day yet, so no changes from the prior day, the offer showed up. 
91% paid on my 12th loan. Even tho it’s half of my last one, it’s enough to purchase supplies and stockpile. 
My business is same as it always has been, so no clue why it was half, but it was approved and in my Square acct in less than 5 minutes.  I do not have my bank acct linked, and won’t do if Square goes down, and it has, I have access to other funds. 
Hope this helps all

of those waiting❤️

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Square Champion

Thank you! Congratulations on your offer and you're not alone. Most are trending lower or the same even if sales are double. A small group will post 1-5k higher but that's few. Hopefully, soon things will calm down and get back to semi normal! Thank you for the update!

> Square Champions Innovator, Beta Community Member, Square Champion Expert, Square Champion Advisor.
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Square Champion

Congratulations!!! At least now the system has everything updated!

> Square Champions Innovator, Beta Community Member, Square Champion Expert, Square Champion Advisor.
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Do you need ein for a square loan? Or can it be your ssn?

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