Square Capital with multiple businesses?

[gathermiami]

I have had a Square Capital loan since July 2015 for one of my businesses which has been renewed once. I was sent a renewal offer on Saturday and then declined tonight because [Personal Information Redacted]. I have another business which I am on my 3rd Square Capital Offer on. When I got the most recent renewal for that business, this was not an issue. Now for my other business, which has much higher volume, it is. I am super disappointed. Why extend an offer if there are known parameters that make the account invalid. Furthermore why is the account invalid if existing Capital loans for completely different businesses are being paid successfully. Does anyone have experience with this?

[Hirsh01]

I have had the same problem and i need somone from Square Capital to conatct me directly. [Personale information redacted]. I have had two loans and paid both off in a very timley manner. Please contact me ASAP

[Chad]

@Hirsh01 This is a public form, and we ask that you do not post any personal information on public posts. I have gone ahead and redacted your email address from your reply. 

I recomend reviewing our Community Etiquette Guidelines.

If you have any questions please feel free to ask! ✌️

[hardcoresweetct]

We have this same thing happening! 

We have been a Square customer for 4 years- had 4 loans through our first location that does 4x the volume of a second location we opened up- which we got a loan for- both were being paid off- when we relocated the 2nd location, from April-June we didn't have square operating- but as soon as we opened we went from 22%-62% paid off on the slower volume loan.

In the middle of all this - we were denied a big loan, that we were really hoping to get to get our food truck fixed- but was denied. When emailed, it gave me a general email that didn't make sense to the reason why we got denied. When I emailed them the other day they said something different. It doesn't make sense-- [Personal Information Redacted].

It is really upsetting, and frustrating, especially with the generic email responses. I also am curious if anyone has gotten approved a loan after being denied. We have done over 2 million in sales and are loyal even after everyone wants us to change and switch to Clover and PayPal. 

[ErikU]

Were you able to figure why you were denied? What was the outcome? I am in the same boat and thought I could count on square capital...

[cmeshine]

I received an offer in June for my higher volume business and was denied due [Personal Information Redacted].  The payments being processed on that account slowed down.  I paid off the "slower" business' capital loan and deactivated that account, being that it is a total different member, also a different entity.  There are changes that are happening within that company, furthermore, I did not want it associated with the business account that I have a higher volume.

The company that I have the current higher volume in, I am paid up to 95% and haven't received an offer after the denial, however, when I read the email of being denied, it read that once the loan was paid off another evaluation was set to happen, based on the set requirements that are stipulated, i.e. payment processing terms: at least $10,000, a good balance of new and return customer, increasing process' from last year, no chargebacks, not associated with any other account, it should be approved, no doubts.  

I should be paid off soon and I'll keep this blog posted if it does indeed happen.  

[ErikU]

I just had a similar situation as you did and I am contmeplating my next actions. Did they extend the loan after the payoff afterall? I have 2 loans for 2 locations which are both current but 1 is a little slower than the other but both are 80% paid off. I was extended aan offer and then denied but we never had a slow down or disruption in service. One location does more volume than the other. Any advice you can give me?

[ErikU]

I am in your same situation. What was the outcome? Did they ever extend another offer? Did they give a real explanation? What am I missing here?? I am in the exact same situation as you were. Any advice?

[cmeshine]

We did receive another offer; we were denied at first and after 100% payoff our account was re-evaluated, an offer followed approximately a week after.