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Square Capital eligibility: Is Square Capital still giving out loans?

Does anyone know what is up with square capital? I have paid back 2 previous loans successfully and 2 weeks later, no offer! I received my second loan offer at 70% last time. My business has grown a lot more since the last time, so I am very confused. I have contacted square support over 4 times now and every time I get the generic answer. Is square still giving out loans? please don't respond with the generic answer with the criteria. I have it memorised by now! lol 

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Just spoke to the manager of customer support. She advised me to switch to PayPal, in case they can offer me capital faster. Not sure if that's a solution?  Square is really disappointing with customer support. will be switching to PayPal for processing. 

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Alumni

Hi @mehta25 - I'm Katie, one of the admins from the Seller Community. I'm chiming in because I know you had some questions around Capital. We have a few resources about eligibility, but you're probably familiar with them. Here's one from our Town Square blog and a help center article. We've also written a bit about Capital and what's covered in the community. I know receiving that generic answer is frustrating, but those are the resources we have in the community at this time. 

 

As far as your experience with our CS manager, I'm sorry to hear about that. We always encourage folks to do what is right for their business and I think that's the sentiment she was trying to pass to you. I'll definitely share your feedback with our Capital and CS teams, but please let me know if there's something else I can add. 

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Thank you for replying! I just wish someone would take a second and see what is up. I know following a loan offer a real person evaluates before they funds are deposited. Maybe we can have one of those people see what is causing the delay, but giving generic answers is just not right. We need to know what is happening. 

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Hi @mehta25 - Of course! We read everything in these forums and try to respond to everything too 🙂 I wish I could answer your questions, but we can't address anything account specific here in the community since it's public. In addition, I personally don't have a lot of insight into the Capital or loan offer process, so I always think it's best to contact them directly should you have questions. I know that you've been frustrated by their answers, but know that we are reading and paying attention to all the feedback you share. Please continue posting/writing/calling in!

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Keep Processing!, If anyone feels your frustration I do, but realize there is a method to it, whether you believe it or not, things will come when they are supposed to, It took me Months to learn that, and now i no where near Stressed! Im awaiting an offer too, but much better patience... Good Luck Friend...

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9 Loans over 5 years. Most recent paid off a few months ago. Our volume is up over 30% with no chargebacks or problems. Square is not offering capital loans at this time. Seems they received a piece of the PPP loans (5%) without any risk.

 

Robin Williams said a banker is the guy loaning you an umbrella when the sun is out who wants it back as soon as it starts raining.

 

Square DOES have a responsibility to just state the obvious. Capital is not offering loans at all at the present time. Honesty would be appreciated. 

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Beta Member

I just spoke to Square Capital teams and they are currently pausing the offer as a result of COVID 19; However this is only for temporary they said. Be patience and don't give up hopes, after all we are part of square success and I'm sure they won't let us down. 

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I stopped processing with Square months ago and switched to PayPal!  The service is much better and in three months had a capital loan offer. If you can quickly generate $15k in sales -- switch to PayPal and you'll get an offer before you know it. Square has royally screwed over so many of their customers during this time, all the while their profits are skyrocketing. My guess is that there will not be any capital loan offers until they finish transitioning into a full bank. They want to be the lender, and eliminate their third party Celtic. They updated the dashboard and planted a few burner accounts in here to make us believe capital is back, but it is not. Nothing speaks louder than taking your business elsewhere. Anyone feeling frustrated by the lack of communication and transparency, know that you are not alone and there are other/better options available to you! 

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