Why have we not received our new offer for Capital?

[PennysPit]

We have been open for 7 years and have done many, many Capital loans. We always get another offer between 75-80 percent paid. We fear square is not doing them anymore because of the pandemic. We have been very loyal, always paid our minimum payment very early, what gives? We are still open and still managing to meet our minimum payments. We could really use these funds to enhance our delivery/takeout program. 

[mattd]

Hi @PennysPit,

I recommend reaching out to the Square Capital team directly who can take a look at your account for you. 

Square's immediate response support page states: "We want to help get this money into your hands very soon. We’ll let you know when we have an update for you." This is in reference to the SBA Paycheck Protection Program, which I encourage you to check out, here is a thread on the PPP. Also check out the SBA's Emergency Injury Disaster Loan Emergency Advance program, which in the current times may be great options for you. Both are forgivable loans.

[PennysPit]

Oh trust me, we have tried every single outlet as far as that goes. Its just frustrating it seems like Square is scared to re loan when we have always been on top of it. I have reached out to the Capital team waiting on response. Tried to call but apparently they are "offline" very frustrating when we need Square the most it feels like we are left in the cold. 

[Purebrow]

Good luck. I get the same generic answer and no one really gives me a straight answer...or an answer at all. I have had 7 positive loans and I can't get an offer to save my life. Now is when they need to be helping their small businesses but instead we get pushed off to the SBA to become a long application number. We need these loans to help stabilize our business during this tragedy.

[PennysPit]

Exactly my thoughts. If they aren't going to re loan it really gives me an out to change to a different card processor when all of this is over. I really thought Square had our back, way to really come through for your loyal customers. 

[VividVapor · Accepted solution]

Could not agree more! I have completed 5 loans in two years and now is when I need it more than ever!!! Its crazy to think the best square can do is to wave monthly fees, personally my processing costs are triple my monthly costs for square. Very unsettling that they leave us in a time of need.... butttt guess its the perfect time to look for better and cheaper processing since im no longer tied to them with my capital loan! 

[PennysPit]

This is the email I just received, cold and could care less about the relationship we have built over the years

Hi Christina,

Thanks for reaching out to Square Capital, LLC. My name is Frankie and I'm following up on behalf of the Square Capital team. We are unable to extend an offer to your business at this time. I sincerely apologize for the inconvenience this has caused.

We understand that the current state of things are very uncertain for you and your business. The COVID-19 situation is presenting many challenges to small businesses and we are working for solutions to support our sellers. If your business becomes eligible for a loan through Square Capital, you will see loan offers in your Dashboard.

If you’re looking for other potential sources of funding, you can also visit this list of national and state business financing resources that we’ll continue to update in the days and weeks to come.

Please feel free replying directly to this email if you have any additional questions.

Best,
Frankie
Square Capital Team

My response

What is the reasoning!? We have had so many loans with perfect payment history I am completely outraged “we are not eligible to re loan” that is unacceptable. It’s so nice to know our longevity and history means absolutely  nothing to square at a time when we need you the most. Once our current loan is paid off we will be exterminating our relationship with Square. It is so unreal how we are all meaningless to your company after we were so loyal. Just one heartbreak after another. 

[pessosices]

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[VividVapor]

The loans are completed through Celtic Bank of Utah and is an FDIC lender! If you need additional funding I would suggest to go straight through them for future capital loans! I was able to speak with a loan officer this afternoon and are willing to do a capital loan without it being through square capital 

[mazspeed]

I got the exact same response and no response to my question on their response. I'm told that they are not doing any loans right now from what I understand. I just paid mine off and still working, but square doesn't seem to care. They are hording their loans right now. Not a single new loan has gone out in weeks. I will more than likely switch to paypal. 

Mike

[Malatomalato]

hooo am in 

[ecantiques5]

@PennysPit @mazspeed @VividVapor @purebrow

Dear fellow Square sellers, I am very sorry that Square Capital did this to us. I feel so very bad for the thousands of sellers they turned their backs on. We during Covid paid off our 10th loan. Worked extra hard, navigated our business function to adapt to the covid experience....i repeat worked extra hard, stayed in good standing, serviced returning customers, got new ones as well. What did Square do?? Ripped away a pivotal program fhat was a beneficial part of our business relationship. Has been a PROFOUND DISAPPOINTMENT. If we had not bought a new terminal for our new store front I would have walked. I still want to explore other processing companies. 

I wish you all the very best in growing your businesses bigger & better than EVER.

[mazspeed]

Did square completely take away the program?

[ecantiques5]

@mazspeed 

AS ALWAYS,  they used scripted carefully ambiguous wording. But there has not been one offer extended to any algorithm eligible sellers.  They even removed offers on dashboards of sellers that had been extended offers and were holding off on accepting 

[mazspeed]

Thank you for the information. Much appreciated. I wish Square sent an email saying that they were doing that.

[VividVapor]

Honestly we will not see the program for a while. The lender Celtic bank had most of the PPP loans that were approved. I doubt we will get anything from Celtic within the next 6 months. I would suggest looking for small grants for your state!!!