Has Square Capital started back up?

[Burnaniii]

I have been with square and have had multiple loans. I currently have a active loan that is approximately 85% paid. Normally by this time I would have another offer but I have not. Im sure like many others o could really use a loan at this time my business is suffering. Hopefully offers will be available soon. I saw another person said they have thier loan paid 100% and still have not received another offer. Has anyone received a offer?

[Finn]

Is square still offering capital loans

[Myc]

No not as of today I received an email telling me that they are waiting for markets to stabilize more

[FussnFamilyBBQ]

I know they stopped passing out capital offers, but has it resumed yet?

[ryanwanner]

Hello @FussnFamilyBBQ 

I remember seeing a note somewhere (I believe via email) that the Capital program has restarted, but they are operating with a LOT stricter of qualifications. I had an offer pop up for one of my locations, but after a slow week the offer disappeared. My bet is it's going to be pretty tough for the majority of the merchants to get Capital loans for a while.

It's not just Capital that's toughened up right now, though. I have a good friend that owns three pizza joints that are absolutely killing it. They were asking around conventional banks for loans for a sizable repair bill for an oven. Even though their personal credit is stellar, the business credit is outstanding, and they are experiencing double digit sales growth, they were declined from multiple banks. The reason: they are a restaurant. With the pandemic just decimating the restaurant industry, banks are just simply not lending. 😞

[Laura123 · Accepted solution]

Hey @Burnaniii, thanks for taking the time to write in! I'd be happy to explain.

First off, 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 Capital 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. And we are continually re-evaluating your account on a daily basis to determine if you’re eligible to receive another loan.

With that being said, 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 Capital 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 Capital loans can be found here.

While we do not have a specific timeframe for when another loan offer may be available, the Square Capital program will continue to automatically review your account for eligibility. We understand that not being immediately eligible can be frustrating, but we are unable to override the automatic review process with a manual review.

Hope that explanation helps, and please feel free to contact us directly if you have any other questions!