square capital

[chefkimberlyn]

Is anyone having any luck obtaining Square Capital during the pandemic? I received an $88,000.00 loan in November - I am 91% complete (Owe $6,400). My business is considered an essential business and my sales are only increasing due to the demand. I really hope Square "walks its talk" on this for it's loyal small businesses. Thank you

[Athorne]

No, I was told I was eligible on Friday before all this started and on Monday the reset the page to say I was not eligible yet. I am an essential buisness that is doing well over $100,000 a year in credit card sales alone and it’s been 2 weeks now with nothing. I believe they are not writing any new loans. 

[Scar1209]

It’s obvious to me that they aren’t processing any more loans. I’ve been with them for seven years going on eight and have used square capital almost every year as it really has helped my business. Now with this pandemic my business is growing stronger than ever because I am in the food business. I’m going into my busy season and they are offering me nothing. If they were actually reviewing accounts to see if they were eligible they would see that my new business has spiked during the pandemic. My repeat business has done nothing but increase. I have always been in great standing with all my alarms and they are all paid off. It seems like square capital was hanging there people out to dry. I have a few more weeks to decide which route I’m gonna go to obtain capital to grow. I don’t need a PPP loan. My business hasn’t suffered at all. Trying to do my part and save the PPP for people who really need them to get this country back where it needs to be.If Square doesn’t offer something by then I will also be looking for a new credit card processor. I have plenty other options out there. Very disappointing!! 

[Bwdig]

Agreed. We process over $250,000 a year in CC sales and for them to drop this program when we’re growing and needing it most shows their lack of concern for our businesses. I’m sure if enough of us started changing our processing, they may change their tune. They need to be honest about their intentions. We’ve used them because of this program. I can get cheaper processing through many other processors.

[Jwp32708]

I agree with you 100%! There are cheaper alternatives for credit card processing. Square Capital is a great option, and the main reason why I've stayed with Square. I can understand if they want to be selective in extending new credit to customers with a limited track record, but to burn the bridges of those with strong track records with Square Capital, it's obvious that loyalty means nothing. 

[RTcib]

I agree with some of the recent posts here. I, like others here, have seen a significant increase in sales since the start of the pandemic. I paid off my last loan faster than ever before and was told 1 month ago by a customer service rep that Square is "regularly reviewing" accounts for eligibility. Well, maybe it's time to show a sign of this review process actually taking place, as clearly no one at all is receiving offers, including loyal businesses that have been with Square for years and continue to show strong sales despite the current climate.