No new Square Loan offer

[Earthkeeper]

I have been with square for several years. I paid back 2 Square loans. What is kinda surprising to me is I have processed more this last year thanks to a few loyal customers then I have the previous year. I have been patiently waiting for another offer. I keep checking and nothing. Because of Covid I had to close my store and just travel to different shows and venues. I have tried to check the criteria for Square loans in my state and I can not find any information. My question is, what is the criteria in NC and what do I need to do to qualify for another loan through Square.  

[Minion]

Hey @Earthkeeper 

You may need to reach out to the square loans team and maybe they would be able to tell you what criteria it is for NC.  However  I don't think that it's a one size fits all criteria .

Here are some of the key eligibility factors for a loan through Square:

• Processing volume: In general, businesses that have processed at least $10,000 or more in a year.
• History with Square: Your history with Square is used to spot trends and understand how you might grow in the future.
• Activity: The number and frequency of payments processed through your account.
• Customer diversity: Mix of new and returning customers as an indication that your business is growing in different ways. A healthy, growing business.

Hopefully something will come up for you in the near future. 

[Earthkeeper]

Thank you ScorpionCoating for replying.  

As I said, my processing volume is better this past year then last year.  My activity is up especially during shows. I want to open another store and be able to do 1 show a month. But I need a Square loan to accomplish that.  As far as my customer base. I have a wide variety of customers.  Yes I a have a few loyal customers that shop every month if not week. The only thing I am concerned about is my history with square.  I don't understand what that means. I have never had a charge back or a dispute. My previous loans were paid back well within the time frame allowed.. So what history are they referring to? 

[Minion]

no problem.  Honestly the best information I could say would be to just wait it out.  I know you like many have been waiting and unfortunately  that is the  best/only advice I can give is to keep processing and hopefully it will change for you soon. 

Cheers

[JamesC · Accepted solution]

Hi @Earthkeeper, 

We appreciate you taking the time to reach out!

You may not be eligible at this time due to the status of COVID-19 related restrictions in your state.

We understand that the current situation is very uncertain and changing rapidly. For this reason, we are unable to provide specific examples of these restrictions. Please know that as we continue to monitor the situation and as more businesses recover from the impacts of COVID-19, more businesses will be eligible for a Square loan.

So far, there have been various industries and states that have recovered and will start to see offers appear. We will continue to check your eligibility on an ongoing basis, so check back regularly for any updates. If your business becomes eligible, you’ll be notified directly on your Square Dashboard and via email.

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.

I hope this information was helpful! If you have any questions about Square Loans please contact the Square Loans Team directly.

[Earthkeeper]

Thank you JamesC for responding. 

I have tried to look into what my states (North Carolina) criteria is and I can not find ANY information.  I have also looked into additional funding sources.  And because I am such a small business and I don't process $10,000. or more a month I keep hitting road blocks. It is very disappointing and yes I am getting discouraged.  If I did not love doing what I do and traveling I would close up shop. As it stands right now I have 3 shows scheduled and I might not be able to attend them. 

But again thank you for responding.  I just wish you could give more in depth information. 

[Earthkeeper]

JamesC

I am a little confused. I just spoke with a team member at square and she said she doesn't think square is offering any Square loans because of the Restaurant Revitalization Fund and the PPP loans. If this is true then I like many others needing a Square Loan to continue in business will have to close. Please clarify this.

[JamesC]

Hello @Earthkeeper , 

Thank you for reaching out!

You may not be eligible at this time due to the status of COVID-19 related restrictions in your state.

While Square Loan offers may be available to some businesses, we are still actively making updates based on the current state of COVID-19 and changing public health guidelines. Square Loans are not related to PPP/Restaurant Revitalization Loans. 

We understand that the current situation is very uncertain and changing rapidly. For this reason, we are unable to provide specific examples of these restrictions. Please know that as we continue to monitor the situation and as more businesses recover from the impacts of COVID-19, more businesses will be eligible for a Square loan.

So far, there have been various industries and states that have recovered and will start to see offers appear. We will continue to check your eligibility on an ongoing basis, so check back regularly for any updates. If your business becomes eligible, you’ll be notified directly on your Square Dashboard and via email.

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.

If you have any questions, please feel free to contact us.

[RL35]

Has anyone received a loan/offer recently? I received my last loan 3 months ago. Normally I will get an offer once I reached 60%. This last offer was at 70%. Now, I have reached 82% and still nothing and I have almost paid it off is 3 months. I am making more money now than I have ever in the last 5 years. I could really use the loan right now.  

I read the comment that each state has different criteria but I'm pretty sure I hant changed anything on my end, like no chargebacks, lots of new and returning customers, more income. It seems like Square has stopped loans just incase the Delta variant shuts us down again? Its frustrating to be left in the dark about this. 

[JamesC]

Hi @RL35, 

Thank you for reaching out! I'm happy to provide some further insight into the Square Loans Program. 

We are continually re-evaluating your account on a daily basis to determine if you’re eligible to receive another loan.

If you’re eligible for a new loan, you’ll be notified directly on your Square Dashboard and via email.

If you’re not immediately eligible, we’ll continue to monitor your account as your eligibility may change at a later date. We determine eligibility based on many factors including your processing volume and Square history. To learn more about Square Loan eligibility, visit our Support Center.

I hope this information was helpful! If you have any questions about Square Loans please contact the Square Loans Team directly.

[gsslafayette]

I’m at 82% in 90 days too. No chargebacks, no failed debits, processing as much if not more than the last loan offer, loyal customers and new customers daily and no new offer 😞

I really want to expand soon and was looking forward to the loan to do so. Praying for you and us! It will come at the perfect time! 

[JamesC]

Hi @gsslafayette, 

We appreciate you taking the time to reach out!

It’s important to everyone that lending through Square Banking is done responsibly. We know your business is important and we don’t take that lightly. We want you to be successful and we support your future growth.

To help ensure you get an offer that’s just right for your business, Square Banking reviews accounts on an ongoing basis. There is no specific information we can share at this time because eligibility is based on a unique formula, but keep in mind that we evaluate accounts as a whole. The formula balances different factors of your business that may positively and negatively affect your business’s eligibility for an offer.

Please know that Square Banking is committed to helping your business succeed, but we understand that you may need to seek financing outside of Square Banking for immediate needs. If you are considering other options for a business loan, please review our 4 Things to Consider When Evaluating a Loan Offer in our Town Square Blog.

We will continue to monitor your account and notify you if your business becomes eligible for a Square Loan offer.

I hope this information was helpful! If you have any questions about Square Loans please contact the Square Loans Team directly.

[Mistylh4]

I have had multiple loans through square and have always paid off early. I’m at 75 percent I usually have an offer by now just curious if they are still offering loans.

[gsslafayette]

If they aren’t, I wish they would just put out some press release or something so we could make other arrangements. I just prefer the way square loans operate. We just paid ours off yesterday. It was paid off with transactions, no early payment, in just 3 and half months. No new offer. Nothing has changed on my end. In July we had one of the best months ever, no chargebacks, no failed debits (not even sure what that applies to) we continuously get new customers that become returning customers. 
it just doesn’t make sense unless they have hit pause. 

[JamesC]

Hi @gsslafayette @Mistylh4, 

Thank you both for taking the time to reach out! I'm happy to provide more clarification. 

We are currently offering Square Loans. Keep in mind, it’s important to everyone that lending through Square Banking is done responsibly. We know your business is important and we don’t take that lightly. We want you to be successful and we support your future growth.

To help ensure you get an offer that’s just right for your business, Square Banking reviews accounts on an ongoing basis. There is no specific information we can share at this time because eligibility is based on a unique formula, but keep in mind that we evaluate accounts as a whole. The formula balances different factors of your business that may positively and negatively affect your business’s eligibility for an offer. We understand that not being immediately eligible can be frustrating, but we are unable to override the automatic review process with a manual review.

Please know that Square Banking is committed to helping your business succeed, but we understand that you may need to seek financing outside of Square Banking for immediate needs. To learn more about Square Loan eligibility, visit our Support Center.

If you’re eligible for a new loan, you’ll be notified directly on your Square Dashboard and via email.

Please contact the Square Loans Team directly if you have any other questions.