That's good to hear that some businesses have started to receive Capital offers. I'm relatively small, but have recently paid off my second Capital loan. Like many others commenting on Capital loan threads, my business did better during the COVID-19 period, and for me some fo that was due to the Capital loan.
I talked to a Square Capital representative last week to clarify what state restrictions specifically meant. Her response indicated that if the state had restrictions that prevented companies from operating due to the virus that those companies may not be eligible for a loan.
For my business that is good news, and I seem to hit the eligibility criteria. Though, one thing I wonder is since I am a single-person business and not generating six-figures every year if I fit into the more stringent criteria. I see businesses on here mention that their Capital Loans are ten and twenty times more than any loan I've been offered.
In my situation, I have improved on the following and am still considered ineligible:
1. Average payment is $200+ higher than when I started my 2nd loan.
2. I have more payments per week from customers.
3. I have processed almost twice as much in sales.
4. No chargebacks in about two years.
5. I add about a new customer each month, which is low compared to a restaurant, however, I also retain about 80% of my customers long-term 2+ years.
I am a small business and questioning nearly everything to see what I can do to qualify for another Capital loan and I am hoping I can figure it out. To be fair, it's nice not having to pay a percentage of each payment and I don't need a Capital loan to continue to grow or survive, but it would certainly help improve areas of my business and grow much faster.
