Solved: Square Loan Offers for CBD Program Users

ElevatedWellnes · ‎05-05-2021

I was incredibly disappointed to learn that CBD Early Access merchants were unable to apply for a loan & there’s no date in sight for that to be an option. Perhaps now that it’s been decriminalized in almost all states, that can be revisited? Square is one of the largest companies in the world & it doesn’t make sense that the CBD program excludes eligibility for offers. If anything, the passive income aspect would make it more possible for merchants to re-pay their loan balances faster. Is there any way to submit feedback on this?

JamesC · ‎06-14-2021

Hi @ElevatedWellnes,

We are happy to announce that we’ve recently made changes to our loan program to allow sellers that participate in our CBD program to be eligible for Square Loans. This change does not guarantee loan approval, but we are excited to continue to expand lending access to more sellers with our FDIC-approved bank charter.

If you are not currently eligible for a loan, there may be other aspects of your business that may be impacting your eligibility or approval for a loan. Please check our Square Loan FAQ in our Support Center for more information on loan eligibility. If your business becomes eligible to apply for a loan, we’ll notify you by email and through your Square Dashboard.

If you have any questions, please feel free to contact us.

James C
The Square Banking Team
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Square, the Square logo, Square Financial Services, Square Capital, and others are trademarks of Square, Inc. and/or its subsidiaries. Square Financial Services, Inc. is a wholly owned subsidiary of Square, Inc. All loans are issued by Square Financial Services, Inc. a Utah-Chartered Industrial Bank. Member FDIC. Actual fee depends upon payment card processing history, loan amount and other eligibility factors. A minimum payment of 1/18th of the initial loan balance is required every 60 days and full loan repayment is required within 18 months. Loan eligibility is not guaranteed. All loans are subject to credit approval.

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JamesC · ‎05-05-2021

Hello @ElevatedWellnes ,

We appreciate you taking the time to reach out to us!

Thanks for providing your feedback. I will share your concerns about the CBD program with the rest of the Square Banking team. Please know that we’re constantly working to improve our products and services based on the feedback we receive from customers.

If you have any questions, please feel free to contact us.

James C
The Square Banking Team
Sign in and click Mark as Best Answer if my reply answers your question.

Square, the Square logo, Square Financial Services, Square Capital, and others are trademarks of Square, Inc. and/or its subsidiaries. Square Financial Services, Inc. is a wholly owned subsidiary of Square, Inc. All loans are issued by Square Financial Services, Inc. a Utah-Chartered Industrial Bank. Member FDIC. Actual fee depends upon payment card processing history, loan amount and other eligibility factors. A minimum payment of 1/18th of the initial loan balance is required every 60 days and full loan repayment is required within 18 months. Loan eligibility is not guaranteed. All loans are subject to credit approval.

JamesC · ‎06-14-2021

Hi @ElevatedWellnes,

We are happy to announce that we’ve recently made changes to our loan program to allow sellers that participate in our CBD program to be eligible for Square Loans. This change does not guarantee loan approval, but we are excited to continue to expand lending access to more sellers with our FDIC-approved bank charter.

If you are not currently eligible for a loan, there may be other aspects of your business that may be impacting your eligibility or approval for a loan. Please check our Square Loan FAQ in our Support Center for more information on loan eligibility. If your business becomes eligible to apply for a loan, we’ll notify you by email and through your Square Dashboard.

If you have any questions, please feel free to contact us.

James C
The Square Banking Team
Sign in and click Mark as Best Answer if my reply answers your question.

Square, the Square logo, Square Financial Services, Square Capital, and others are trademarks of Square, Inc. and/or its subsidiaries. Square Financial Services, Inc. is a wholly owned subsidiary of Square, Inc. All loans are issued by Square Financial Services, Inc. a Utah-Chartered Industrial Bank. Member FDIC. Actual fee depends upon payment card processing history, loan amount and other eligibility factors. A minimum payment of 1/18th of the initial loan balance is required every 60 days and full loan repayment is required within 18 months. Loan eligibility is not guaranteed. All loans are subject to credit approval.

ElevatedWellnes · ‎06-14-2021

That’s wonderful news! My dashboard still reads ineligible, but I assume it’ll take some time for that to change. Thank you!