Hi, Everyone! For those willing to share, how did your revnue correspond to Square loan offers?

[Purple_HS]

What was your first loan offer?

How many have you received? 

How have the loan offers changed, and what have you observed about revenue each time?

Looking forward to hearing from you all. I think this would help others not feel so alone or give some something to aspire to! 😀

[Candlestore]

@Purple_HS ;

What was your first loan offer?

     I do not remember the exact amount but I think it was $5000

How many have you received? 

     I use to receive a new loan offer ever week.  Then during slow time I received None.  As business picked up I would start receiving offers weekly again.

How have the loan offers changed, and what have you observed about revenue each time?

      The Loan offers are based on credit card processing volume not overall Gross Sales.  The more CC transactions and the Higher the weekly CC sales were the higher the Loan offer and vice versa..... Less CC $ and sales Volume the lower the Loans until none were offered.  Now since I have a loan out I get no offers.  Square use to give loans out before an old loan was paid off or a certain amount of your current loan was paid down.  Not sure what that % is now or if there are new algorithms to say when offers are made.

The best way to get a Loan offer is to get more CC sales in both quantity and $ values.  Since Square uses your CC transaction to pay the loan everything they do is based off of your CC sales for getting a loan.  Example Square looks for sales of $10,000 a year is what they use to say.  So if you do $9999 in Cash sales and $1 in Credit Cards through Square,  Square sees it as $1 not as the $10,000 total gross.  Since Square only takes payments for loans out of your Credit Card payments.  

Example.... Days Sales may = $650.00 --- Square fees - $23.76 ---  Leaves you $626.24 cents to go as a deposit to your bank.   You have a Loan out Square may Deposit only $575.24 cents and the difference between $626.24 and $574.24 or $52 goes to pay your loan in this example.  Everyone's payment rates vary depending on their business and the amount of CC transactions and how small or large of a loan the business took out. 

So just keep driving business and processing CC transactions to get a loan.  This is easier than trying to go to a Bank with all your Balance Sheets, Profit and Loss sheets and Bank Statements etc to request a loan.  

[Purple_HS]

Wow! Weekly! That's impressive, @Candlestore! 

[Candlestore]

@Purple_HS ;

Once you Qualify for a Loan the value of the Loan offer changed for me weekly... One week $16,000.... Next week $8000 then following week $0.00.   That's what would happen after busy season into slow season.    lol   As with everything it is dependent on your Credit Card Sales the prior week.