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We thank you for your patience during these difficult times. We understand the challenges you have faced and are proud to partner with a business as resilient and flexible as yours.
As you may have heard, eligibility for loans through Square Loans was paused temporarily so we could address how COVID-19 has impacted our sellers’ businesses, as well as our own. As of now, some business markets have stabilized so we can responsibly provide access to loans to some businesses once again.
COVID-19 definitely forced us to take a step back and recognize how this virus changed how our sellers do business. New signals and criteria are consistently incorporated into our lending models to ensure we can best serve you. Eligibility and offer sizing for loans through Square Loans is based on a variety of factors related to your Square account, including payment processing volume, account history, and payment frequency. More details on eligibility and offer sizing for Square Loans loans can be found here.
If you do not currently have an offer available for a loan through Square Loans, please know that we will continue to check your eligibility on an ongoing basis. If you’re eligible for a new loan through Square Loans, you’ll be notified directly on your Square Dashboard and via email.
Square Loans Team
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Square, the Square logo, Square Financial Services, Square Capital, and others are trademarks of Square, Inc. and/or its subsidiaries. Square Financial Services, Inc. is a wholly owned subsidiary of Square, Inc. All loans are issued by Square Financial Services, Inc. a Utah-Chartered Industrial Bank. Member FDIC. Actual fee depends upon payment card processing history, loan amount and other eligibility factors. A minimum payment of 1/18th of the initial loan balance is required every 60 days and full loan repayment is required within 18 months. Loan eligibility is not guaranteed. All loans are subject to credit approval.
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We understand that this time of uncertainty is challenging, especially for business owners affected by COVID-19. We hope you all are continuing to stay safe and healthy.
Please refer to our COVID-19 FAQ as well as our Support Center article Square Loans COVID-19 Business Financing Resources for details on some relief available to you. We have heard from many of you and hope that these can help in addressing some of the questions you might have.
Many of you have reached out regarding accessing capital or previously available, but expired, offers. Please know that your business will continue to be reviewed for eligibility for loans through Square Loans. If your business becomes eligible again, you will see loan offers in your Dashboard. We are actively working on ways to continue to support you and will update you when we have other options.
If you currently have an active loan through Square Loans, and are concerned about loan repayment, please reach out to us so we can better assist you. Again, we will continue to look for potential solutions to best assist Square businesses moving forward.
Thank you for your patience and understanding and for being a Square Customer.
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I'm in Texas, still no offers here.
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I'm in NY and still no offer. I've had 3 loans in the past and always paid them back within a couple months.
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Same here - I am wondering if they are opening up loans for NY yet...
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Did you get a PPP offer through Square too?
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I didn't apply for ppp. I can't believe I haven't been offered a new capital loan yet. My business is doing better than ever. I was always offered new loans at about 75% payoff. I've had my last loan paid off since April. I pay each loan off within a few months.
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It's nice to see they're starting to offer capital loans again, but too bad many merchants started using other payment processors over the past few months. My business has been better than ever, but my Square payments have gone down while trying to build a relationship with another processor. Now I'm probably in a spot where I won't get offered a loan from either place.
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SAME! When square cancelled their program I was paying well above my minimum but was still only at 41% I decided to stop processing and keep up with my own payments so I could save money and not give them any extra! And now I’m prob not going to be offered either
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I just paid off my loan before new capital loans stopped. I was really looking forward to a new loan for a new piece of equipment. I didn't qualify for PPP loans. This really kind of stinks.
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Same here - and I paid it off early - literally about five days after they stopped loans.
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@585Print I would not stop processing with Square. This way you have consistent processing to show another merchant like Clover. They’ll be happy to help. I feel the same way you do. I didn’t take advantage of the PPP and didn’t stop processing during the bad times and still don’t have an offer even though it’s paid in full. Thank goodness we have history through Clover to get us out of this mess. Good luck.
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I'm not familiar with Clover. Do they look at your Square transactions? I don't use a traditional bank anymore, which most lenders want to see (they need to get with the times).
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Yes they use your current transaction processing. I think you do have to have a bank account to use them but it’s worth the try.
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Any one gotten a new square capital offer since covid started ?
Hey there,@
I moved your post over to a board where other sellers had similar questions.
Check out the Best Answer by Regina_B!
Community Moderator, Square
Sign in and click Mark as Best Answer if my reply answers your question.
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I have been with square since 2016. I've had 5 capital loans all paid back early. Paid off my last loan in April and no offers have been made. My sales are up 98% for the year from last year and we are on track to have our best year yet.
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Just received one this week. Much lower than historically, but something if needed.
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Has anyone gotten any new loan offers yet? I paid off my loans back in February. Paid off early like everyone else. Would like to know something. I use square for EVERYTHING. Square Payroll, Square For Restaurants. At this point I would like to know something.
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Hey TastyJ, the offers seem to be rolling in for me.
No offer
No offer
Active loan
$5,600 offer
No offer
$11,250 offer
$9,750 offer
No offer
$4,700 offer
No offer
$10,750 offer
$6,250 offer
I am not sure how they are coming up with these numbers or what their formula is these days because they don't make much sense. My Harrisburg and North Versailles locations do 40k a month in sales whereas my Hanover store does 28k a month in sales. Dillsburg does about 20k a month in sales.
Before COVID19 I had open offers for Harrisburg of 28k loan and for North Versailles 25k offer so nowhere near what it was before but still better than nothing.
They have come in very slowly, essentially every week a new loan offer pops up for a different location. These amounts haven't changed though, once the offer was made they have stayed the same.
Hope this info helps everyone, or gives peace of mind or perspective.
Thx! Curious - Any Texas locations?
I'm also curious if anyone in Wisconsin has received any offers yet. I am patiently waiting
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