Are subsequent loans not available for retail businesses?

[ghostlightbooks]

I am currently paying on my 6th Square loan and recently my progress has changed from "Keep making payments to unlock more offers" to "Your type of business is not eligible for loans." Nothing about my business type has changed since I started using Square in 2020, are they suddenly not offering loans to retail businesses any longer? I emailed Square Capital and got a canned response of "Loan eligibility information is proprietary and we cannot comment on your status for qualifying for a loan in the future." In terms of the processing volume/growth/payoff amount etc that makes sense but it would seem if entire industries -- especially retail, that are still actively paying far and beyond the minimums, are being no longer considered that warrants some mention. Has anyone else suddenly had your type of business become loan persona non grata?

The title of this thread has been edited from the original by a Community Moderator to help with searching threads. 

[TheRealChipA]

Hey @ghostlightbooks.  A few years ago, that happened to me.  Usually I never look at that eligibility progress page because it’s pretty worthless to me — either I’m eligible for a loan or I’m not and I just don’t care about the whys.  However, I was helping another seller and noticed that inexplicably my page said that my business type wasn’t eligible.  I decided to wait a few days and, sure enough, it magically corrected itself.

Of course, I can’t say this is what is happening in your case.  But it’s possible.  You didn’t say how long ago you noticed this (today? Last month?) but it if was very recent, I wouldn’t panic until you check again in say a week or so.  If it’s still like this, here is a link with a direct phone number to the loan department.  I’ve not read any announcements about business type eligibility changing lately, and it’s certain that Square hasn’t made all retail businesses suddenly ineligible. 

I hope that you get this resolved quickly and satisfactorily.

[ghostlightbooks]

Thanks, that's good to know that others have seen it go back and forth. I generally don't check until I'm coming to the end of a loan, as I am now, so I was really surprised to not be a suitable business any longer!

[Twpchair]

Hello, @ghostlightbooks I'm retail furniture and mine did that in June prior to my last loan. I don't think it meant or triggered a loan. I believe it was 3/4 days later I received my offer. Square is doing a lot of changes in the back part and I believe it's just a glitch and will drop off. I was at 91% paid off before my offer came (just for reference) good luck to you!

[Kacey13]

Hi @ghostlightbooks,

Sorry to hear about the trouble you’re having, we appreciate you letting us know.

We will be following up with you via email.

Please contact us directly, our Square Loans line is open between 8am-5pm PT Monday-Friday if you want to give us a call.

[ghostlightbooks]

The email I received was another canned response of "Your business is not eligible for a loan at this time." It didn't address what it is about the type of business that has changed that would make me ineligible. The message is still saying "Your type of business is not eligible at this time." I'm not trying to figure out when I'll get a new offer or for how much, I'm just trying to figure out what now makes my particular type of business (we are retail, and have been the entire time) no longer eligible.