Hi @JW10. I’m basing my observations on articles I have been reading in business journals regarding the current state of the lending market. Overall, lenders (including Square, no doubt) are scrutinizing metrics like sales volume more closely. “Equivalent” or even slightly higher as compared to the previous period, while better than lower sales, might not be enough in the current inflationary state we are in. Obviously, our buying power is much less this year than it was last year, therefore our expenses are more. Lenders are leaning toward making loan offers when they can be sure that the business can handle these added pressures. I can’t speak for Square, but “needs work” could be taking that into account.
Also, you say you have $x in sales, but you didn’t specify what part of that was card vs. cash sales. Could it be that your card processing volume is less that it was the previous period? Remember that Square only considers card sales when making loan offers.
Lastly, from what I read every day here in the Community, loan offers are coming later right now. Again, this is no doubt due to the state of the lending market, the fact that Square is trying to control its balance sheet and not get too exposed to the current credit crunch, etc.
None of this is comforting, I know. Just trying to shed a little light here. I wish you every success.
