Has anyone received a new Square Loan offer in 2021?

[Tran1313]

[The title of this thread has been edited from the original: Has anyone been offered a new loan through Square Loan? 03/17/2021]

Hi everyone! Has anyone been offered a Square Loan this year 2021? Is square still offering? What is the maximum loan amount Square is offering? I’m almost paid off but still haven’t seen any offers from Square. 

[Miguel817]

I have had a couple of loan offers this year. In fact just got an offer a couple of days ago at 83% complete.

[rzrshop]

Where are you located?

[Pressure38]

Lucky you! Congrats!

[trudy]

Is square ACTUALLY offering renewals on loans????? I’m at 73%, high sales, hardly any chargebacks, new and old customers. I need capital for an event and just keep getting the same copy paste answer!

[YodieLadyWho]

@trudy This is a PPP thread but it kinda sounds like you’re asking about Square Loan.  If that’s what you’re asking about then yes they are still doing loans.  You can’t request one, it’s always been an automated invite once you qualify, that would be why you’re not getting a response.

[Pressure38]

Automated invite base on what?

[Laura123]

Hello @trudy,

We appreciate you taking the time to post on the Seller Community and your interest in Square Loans!

We are sorry to hear about your situation and we understand that not being eligible right away can be frustrating but the Square Loan program is currently ongoing and loan offers are extended by invitation. We are continually re-evaluating your account on a daily basis to determine if you’re eligible to receive another loan.

Offers are based on many business factors including, but not limited to, your current payment processing volume, your customer mix, and your Square account history. To learn more about how you may become eligible for a Square Loan, please visit the Support Center.

There’s no additional information we can provide at this time. We do not have a specific timeframe for when another loan offer may be available. 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. 

Please contact us directly if there's anything else we can help with!

[CrystalBoutique]

I have not ! Ive ran almost $50k thru my square invoices in the past 3 months and not nothing! 

[_Violet]

Hi @CrystalBoutique - First and foremost, thank you for your first post in the Square Seller Community! Welcome 🎉

I've gone ahead and merged your post into an existing thread of Sellers who were also looking for information regarding applying for a Square Loan.

Take a look at this Best Answer from Helen for more information! Let us know if you have any questions in the meantime. We're happy help!

[Laura123]

Hi @CrystalBoutique,

Thanks for reaching out on the Seller Community, we appreciate you sharing your experience with us.

While understand that not being immediately eligible can be frustrating, but Square Loans are currently offered by invitation. While you are processing with Square, Square Financial Services automatically reviews your processing activity to evaluate loan offer eligibility. If we spot that you’re eligible to apply for a Square Loan, we’ll proactively reach out to you (via email and in your Square Dashboard) with a customized loan offer.

Potential offers are based on many factors related to your business including, but not limited to, your current payment processing volume, your customer mix, and your Square account history. You can learn more about how your business may become eligible for a loan in our Support Center. 

We know that you dedicate much of your time and resources to your business. You do not need to contact us or provide any additional information to become eligible for a loan offer. If your business is eligible to apply for a Square Loan, we’ll notify you by email and through your Square Dashboard.

If you have any other questions or concerns, please contact us directly!

[Pressure38]

Sad! Has to be other options 

[MoverGuy44]

Yes! Got one in February. Less than all past loans, but all good! Don't count on loans, just consider them a bonus treat!

[Pressure38]

Well said😊

[pdoss44]

It's been months since I've paid my last loan off, business has been great, so why no capital/loan offers??

[VanKalkerFarms]

This is one of those ones that is hard to answer.  Yes, Square is giving out Square loans every day.  Why you aren't being offered one right now is up to their algorithms.  This will come up hundreds if not thousands of times a month.

Personally, if business has been great then don't take out additional loans, or if you need to the best option in my opinion is a RLOC or LOC, Line of credit where you can borrow money for short periods of time and pay back at a low percentage based on how long you borrowed for.  We have a $250k RLOC that we hit to buy supplies and it costs less than a grand to borrow all of it for 3 months or so.

[MoverGuy44]

Yep, just got my 6th loan a couple of weeks ago 👍.

[rzrshop]

What state are you in?

[Nellieo2]

Ca I have received another loan only it was a fraction of what I used to be offered

[rzrshop]

I have not had a loan offer since 2019 and my sales are consistant, and we have not any chargebacks or disputes since we opened in 2018.  I really could use square loan right now

[JamesC]

Hi @rzrshop, 

We appreciate you taking the time to reach out! I'm more than happy to provide some further insight. 

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.

If you have any other questions or concerns, please contact us directly!

[rzrshop]

Those of you that are getting loan offers, what State are you in and did you also get PPP loan thru Square?  I am trying to figure out that I need to do to get Square attention, I am good candiate for their loan criteria