Square capital

[Mistylh4]

Has anyone received offers for a capital loan that that also has taken out a PPP loan through square. I am at 76% paid and I usually receive another offer around 70%.  I did take out a PPP loan back when it was offered so was curious if that would keep me from being eligible for a capital loan.

[bostonwillwin]

From what I have read few people have gotten something. 1/3-2/3 of their normal offers. We got one in Jan for 19.5k and paid 19k of it so far and we have not gotten a offer.  I don't know if others that got something also got PPP money too. We didn't take any PPP money.  My thoughts are this. I wouldn't count on it. Right now we could use another capital offering but from what I have seen I think it's going to be very unlikely.

Who knows how many losses the banks have taken from businesses closing down.This could be a good reason why we don't see offers. If a lot of businesses struggled , changed dates on the min due, ect it most likely caused the bank to say tighten up loans or just or just to pass on them.  It's a mess out there for all of us. I hope the one's who are praying get their needs met.  I am hoping to be finished my capital loan by months end and honestly paying off the total might open my business up to new options with other companies if we don't see anything from square.

[Twpchair]

I’m right with you! I’m 88% years with square totally wide open we’re essential so we’re open all the time! I did not do the PPP. I am looking into other companies this week though. During our Chamber of Commerce meeting this week many many stores are looking into different processing companies. 

[vivianbelle1955]

We are 96% paid off and received $3400 in PPP. No offers as of yet and we are not holding our breaths anymore. We suspect there has been an avalanche of defaults lately. 

[vendor8282]

Square stopped regular capital loans in lieu of ppp loans.  The Square CEO resigned effective Oct. 30 2020.  Square is trying to keep it quiet.  I would not expect to see the regular capital be available until after the pandemic. Square employees are trying to act as nothing has changed.

[Twpchair]

It’s a virus I’m not sure where it’s going? They should be able to look at the same screen we do and see who process everyday! We are essential so closure doesn’t effect us any.

[pessosices]

@vendor8282 

This just not true. Please be careful to get your facts straight.

The CEO of Square did not resign. The CEO of Square is Jack Dorsey and is still very much the CEO.

Jackie Reses was not the CEO, she was the Lead of Square Capital, and yes she left the company. It's not being hidden, she put out a very public statement on twitter and elsewhere, and it's very easy to find.

https://twitter.com/jackiereses/status/131209[Redacted]257

Square Capital loans are still being given out, albeit with lower frequency and sometimes smaller amounts, which was also mentioned in another public statement.

An email was sent out, and posts were made here in the Seller Community:

https://www.sellercommunity.com/t5/Square-Capital/Square-Capital-and-COVID-19/td-p/203156

I myself received Square Capital Loan in September, even after getting a PPP in June.

Nothing really major has changed, other than the usual things that happen during a deadly global pandemic.

[TrendzbyM]

I’m at 84%paid off and no offers yet. I heard the PPP loans have no effect on the capital loans. I have read they are still giving out loans , just less than usual amount. I’m hoping to get an offer soon!

[vendor8282]

You are correct that PPP loans have no effect on capital loans.  You are incorrect that they are still giving capital loans.  They have millions in defaulted capital loans and PPP loans are backed by the SBA.  Why would any finance company choose 100% risk over 0% risk.

[Mistylh4]

I read on another post someone said they received an offer 2 weeks ago so I am hoping they still are offering some 

[vendor8282]

So someone said they got a loan.  Sounds like solid intel.  My info was from an interview with the CEO of Square Capital  Jacqueline Reses.  No new CEO has been hired.

[ashc]

Hey @vendor8282,

Square Capital has resumed offering regular loans just at a slower rate than before for right now.

So people are getting loans (there's other threads existing in here where people are posting they received them too) and Jackie leaving the company has nothing to do with people receiving loans or not. 

[vendor8282]

What media are you getting this info from?

[ashc]

@vendor8282 I'm not sure what you mean by media.

I'm an employee for Square.

[vendor8282]

Your former CEO  Jacqueline Reses was interviewed and stated they would temporarily turn off the algorithm for generating loan offers and offer only PPP loans.  The PPP loans are backed by the SBA. PPP loans are 0% risk for Square.  If they have started giving regular capital loans ...great!  It won't be business as usual for several years.  Those who do receive offers will see much lower offers.  I think it's wrong to give these people false hope. On the flip side Square is doing many customers a favor.  It's expensive for a capital loan.

[pessosices]

Hey @vendor8282 

Jackie was not the CEO, she was the Lead of Square Capital. 

Yes, at the time they paused Square Capital loans, but they since restarted them, albeit with lower frequency and sometimes smaller amounts.

An email was sent out, and posts were made here in the Seller Community:

https://www.sellercommunity.com/t5/Square-Capital/Square-Capital-and-COVID-19/td-p/203156

I myself received Square Capital Loan in September, even after getting a PPP in June.

There's no false hope, there are only managed expectations.

[pessosices]

@vendor8282 

CEO means Chief Executive Officer, and head of the company, which she was not. That's Jack Dorsey.

First of all, I don't work for square, I'm just a small business owner.

Second of all, please watch the attitude. Making fun of my name and using profanities against people that are just here to help is extremely immature, and definitely not welcome here in the Seller Community.

I can understand that you might be frustrated, but I'm just here to help and giving you facts and answering your questions. You might not like those facts or may not choose to believe the answers, but don't take that out on me, and don't spread false misinformation on a forum where people are looking for real genuine true answers.

I highly recommend reading our Community Guidelines:

https://www.sellercommunity.com/t5/Orientation-Etiquette/Community-Etiquette-Guidelines/td-p/190108

#3 is the most important, and my favorite:

"Be respectful — We’re all professionals, so we expect members to assume good intentions, act with empathy, and work together to resolve conflict. Consider whether the comment you post is going to support those who will read it. Do not turn disagreements into personal attacks"

So please, be kind, be empathetic, and most of all, be supportive.

The world is a much better place that way.

So I'd recommend you to edit down your posts, or better yet delete them, or they might be moved or removed for you.

Thanks

[Twpchair]

So, if you're still offering them at a slower rate what are the new qualifications when you are open 7 days a week, and your store is deemed essential and we aren't shutting down and still processing every day! In fact, the only thing our store has noticed is a ton more cash sales. Also, I has a gentleman, call me a couple of months ago, and said due to our volume of swipes and sales he would be our personal go-to guy??? I believe as a customer for many many years multiple loans, you see our processing and know what type of business we are you should be able to judge the risk/gain? It's leaving a lot of regulars nervous about what is going on with with square and not just square capital. Just my opinion and two cents as a long customer. 

[vendor8282]

I understand your frustration.  You need to realize it's not about your business.  Square is having to improve their business model.  Square is losing money on capital loans and making money on PPP loans. I don't want to offend you, but if your business is doing so good why do you need the loan.  I think for many business owners it has become a crutch.  You can still use same day deposit.  Have you checked into getting a PPP loan. You don't have to repay.  Small business loans that you have to repay are easy to get and low interest. Square capital once filled a void where people with little or bad credit could get a loan.  Now the government is offering a better deal. 

[Twpchair]

If you're replying to me, our business doesn't ”need” it as you state my question was more about transparency about what is going on? In my previous comment, my businesses in our area use square and it was a topic even at our chamber of commerce meeting of who everyone was using and which was the best. Many businesses use square in my town and most are left with questions. If I take another offer that will be between my husband and I. But thank you for your interest and concern about how I choose to ask questions and run our store. 

[TrendzbyM]

I just received an offer! 90%paid off and it was less than half of my last offer but I’ll take it cause I really needed it! Thanks square , really happy with this company!