Adding some more experience here. I paid off a pre-pandemic loan in August. It took about three months before I received another offer, and to be honest that was about 3 months sooner than I expected. Like most others who have posted here and on other threads, my offer was about half of the last loan. Again, no surprise really, given how volatile the hospitality business is right now.
In the back of my mind, I wonder how much money Square/Celtic had to eat when everything ground to a screeching halt. I’m sure lenders are as nervous about lending now as borrowers should be about borrowing. Welcome to the new world order, I guess. I’m working on what my business will look like in this new reality. I’m 100% certain that it, and the world, won’t ever return to “the good old days.” Ha. Looking forward to the challenge, and hoping that I won’t ever get myself as leveraged as I had been. This year sucked as I focused on shedding debt and got myself to 75% of the debt I once carried. Never again! Consistent 70 hour weeks are painful.
Anyway, I digress. It seems the Square Capital wheels are turning again. I will add that, so far, I personally know no one who got another offer until their current loan had been completely paid off for a few months. Just my experience. Obviously, Square Capital offers are going out since I just got one. And I know people who received PPP loans through Square who have received Capital offers very recently. So I doubt there is much, if any, correlation.
