can I get a loan and transfer my business?

[Karlaa]

I need to transfer my business from under my name to my LLC.  I need a loan through capital. Can I get the loan and transfer to my llc at the same time or do I have to wait to pay off the loan first? Also, will I still have the same borrowing power? Thank you in advance.

[JK_Fiber_Art · Accepted solution]

Hi Karlaa,

I don't believe you can do both at the same time - the account setup would be your first priority.  There's a few hoops to go through with this process and depending on how your current account is setup and how your LLC is setup will determine if the system will allow the transfer.  It's possible, you may need to setup a new account but, whatever direction, most likely you will need to speak with Customer Support for assistance.  That's something that cannot be done here.

[Sammie_C]

Hi @Karlaa,

Thank you for your post!

You now may be eligible to transfer account ownership if you do not have an active Square loan or a pending loan application. If you recently paid off your loan, please allow us at least 10 days to process the payment in order to have access to the transfer process. Keep in mind, loan offers will be disabled for 30 days after transferring ownership of your Square account. We will notify you if your account becomes eligible again in the future.

If you want to pay off an active loan, you’re able to do so from the Loans tab of your Square Dashboard. There’s no fee associated with early repayment.

If you have a pending loan application, you are able to cancel it by clicking on the three dots on the top right corner of the Application details section in the Loans tab of your Square Dashboard and selecting “Cancel loan request.” If you choose to cancel your business’s loan application, we cannot guarantee your business will continue to be eligible for a loan offer.

For more information about transfer of ownership, please visit our Support Center.

Let us know if you have any other questions!