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On my 11th square loan desperately waiting for offer at 60% paid off

I’ve been a loyal square customer since 2016 and I’m currently 60% paid off on my 11th loan thru square and I’m waiting urgently for another offer. I have a once in a life time opportunity to acquire multiple corporate vending contracts which would create 100,000$ Annual revenue increase and potentially give me some form of quality of life which I haven’t had since 2016 and I’m really bummed out that there is nothing I can do to except keep processing and checking for offers. The lack of any human discretion pertaining to additional offers is really upsetting. Like I check every box in terms of factors for receiving new offers and I do a minimum of 35,000$ in sales a month and am increasing every month this year. Like I’m just really bummed out that after all this time and after all of the successful loans I’ve utilized to grow that I’m just sort of in a dark and basically told I’ll be notified when I am eligible for another offer especially when I would use the capital to literally continue to grow and potentially change my entire life as well as my family’s. I’ve been a chef my entire life and owned my own company since 2015 I’m married with two kids and desperately want to position myself to actually enjoy my life with my family and not just work and work and work. This opportunity I’m talking about would actually be my chance to have a normal life and it’s sickening feeling to know I may miss out on it. Like I have until Monday to let the companies know and after that my main competitor will get the contracts. I mean I have the moves to acquire them but it would create potentially catastrophic cash flow issues and it’s all just really upsetting anyway sorry for how long this is even really know why am writing it. God bless all my fellow entrepreneurs out there I sincerely wish u all the best and hope for the continued success to you and yours. 

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Hi @chefparrishg3.  I read your post, and trust me when I say I felt your frustration and pain.  I will say that the fact that your sales are increasing every month — in THIS economy — is nothing short of amazing and it makes me happy to hear from someone in food service.  You must be doing lots of things completely right!

 

Now, to your frustrations.  My last two loans from Square both came much, much later that other loans have in the past.  My most recent on was over 85%.  I held off because I wanted to maximize my actual deposit this time.  But, your experience is not at all unusual right now.  The “loan black box” seems to be much more conservative than it used to be.  I wish I could tell you why, but that is a mystery as you know, and all I have are guesses, most of them bad or completely wrong no doubt.  I will say that in this economy (which took a couple of really big hits again yesterday from the Fed), the loan market is going to tighten up and continue to get conservative.

 

Please understand I’m not trying to dash your hopes.  But I am going to gently suggest that you not hang your hat, your life or your mental health on getting a loan offer at 60%.  I can tell you that I’ve participate in a few threads about loan offer “delays” this year, and I can not recall one that received an offer much before 80-85%.  I just received a notification today on another similar thread, and the OP did not get their new offer until after they had completely paid off their existing loan.  That seems to be happening more and more.

 

I am truly sorry to not be able to give you some better experiences.  But in my mind it is much better to accept the realities as they seem to be and decide what you can do with those.  I will put one strong piece of un-asked-for advice out there though — don’t give into the temptation to try out the On Deck’s and Kabbage’s of the world.  The downsides of those are too great and too dangerous, no matter what they say.  You’re much better off trying to obtain a loan from your local bank than that.

 

I’ve had to pass on a few opportunities in my lifetime like the one you have now, and I know how hard that is.  If your other alternatives are as risky as they seem, I know that for me I would rather pass on the opportunity.  There will be others.  My peace of mind, and that of my family, is usually more important.

 

Regardless, I wish you well and continued success with your current business.  

Chip

If my answer resolves your issue, please take a minute to mark it as Best Answer. That helps people who find this thread in the future.

Piper’s Ice Cream Bar, Covington KY USA
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Click here to see a list of third-party apps I use to add functionality to my Square account!

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Hi @chefparrishg3.  I read your post, and trust me when I say I felt your frustration and pain.  I will say that the fact that your sales are increasing every month — in THIS economy — is nothing short of amazing and it makes me happy to hear from someone in food service.  You must be doing lots of things completely right!

 

Now, to your frustrations.  My last two loans from Square both came much, much later that other loans have in the past.  My most recent on was over 85%.  I held off because I wanted to maximize my actual deposit this time.  But, your experience is not at all unusual right now.  The “loan black box” seems to be much more conservative than it used to be.  I wish I could tell you why, but that is a mystery as you know, and all I have are guesses, most of them bad or completely wrong no doubt.  I will say that in this economy (which took a couple of really big hits again yesterday from the Fed), the loan market is going to tighten up and continue to get conservative.

 

Please understand I’m not trying to dash your hopes.  But I am going to gently suggest that you not hang your hat, your life or your mental health on getting a loan offer at 60%.  I can tell you that I’ve participate in a few threads about loan offer “delays” this year, and I can not recall one that received an offer much before 80-85%.  I just received a notification today on another similar thread, and the OP did not get their new offer until after they had completely paid off their existing loan.  That seems to be happening more and more.

 

I am truly sorry to not be able to give you some better experiences.  But in my mind it is much better to accept the realities as they seem to be and decide what you can do with those.  I will put one strong piece of un-asked-for advice out there though — don’t give into the temptation to try out the On Deck’s and Kabbage’s of the world.  The downsides of those are too great and too dangerous, no matter what they say.  You’re much better off trying to obtain a loan from your local bank than that.

 

I’ve had to pass on a few opportunities in my lifetime like the one you have now, and I know how hard that is.  If your other alternatives are as risky as they seem, I know that for me I would rather pass on the opportunity.  There will be others.  My peace of mind, and that of my family, is usually more important.

 

Regardless, I wish you well and continued success with your current business.  

Chip

If my answer resolves your issue, please take a minute to mark it as Best Answer. That helps people who find this thread in the future.

Piper’s Ice Cream Bar, Covington KY USA
Website
Facebook
Click here to see a list of third-party apps I use to add functionality to my Square account!
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Thank you. 

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I appreciate your response. Also on a side note my daughters name is piper. I’ve been an executive chef since 2004 of under food service contract group called Sustain LLC since 2015. Our first four years were amazing and I really could of never predicted Or even imagine how hard things are currently have not taken a single day off since we first closed from Covid had to penny pinch every corner/ I’m doing everything I possibly can to dig out. I’m exhausted and really trying to see any sort of light at the end of the tunnel. Seems like I’m speeding towards the edge of a cliff here and don’t ever have a brake available to slow down. I’m pushing myself past my threshold every single day and barely making it. I’ve looked into everything imaginable as far as financial loans/lines of credit anything And none of it makes sense except for Square. So I guess I just keep my head down and hope I don’t fall out prior to getting an offer

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Piper seems to be a popular name these days.  Our name is based upon the story of the Pied Piper of Hamelin.  In our city, there is a clock tower a block from us that has a mechanical puppet show of that story.  So we decided to go with the iconic building in our midst when we named it, and to incorporate that imagery in our logo.

 

I looked at your website.  May I say that your food looks very creative and nothing short of amazing!  Though I am an ice cream man these days, my second career was a chef (life long passion, total fear of it when I was coming of age in the 70s.  Lol). These days, I too old for that young person’s game — so now I’m a foodie in a city with amazing food and amazing chefs.

Are you really in Huntsville/Decatur, as your area code implies?  I spent quite a few years there in my first career.  In the 80s and early 90s, I was a computer geek working for aerospace contractors at Marshall Space Flight Center, on various parts of the Space Shuttle and its payloads.  I absolutely love that part of the country.  Anyway, small world, as they say!

 

I wish I could give you more than just cheerleading and empathy, Chef.  From my vantage point as a 61-year old man trying to postpone retirement, I still have memories of the lean years, of struggling and wondering if my break was ever going to come.  What you are doing is a lonely path, for certain, no matter how much support you might have around you from family and friends.  I’d tell you not to take it all too personally, not to get overwhelmed, that opportunities will come and they will go, that life was too short, etc, etc, etc.  What would be the point?  You sound as focused and driven as I’ve been in my two careers, so who am I to dispense advice!

 

But I’ll close by saying that (other than your family) you have someone you can talk to and vent about all of this turmoil and stress.  It sounds like you know what is important to you, and what you want to be important to you (your family).  You just need to find that path.  (And for the record, if you want to vent, my number/email is on my web site, which you can find below.)

 

None of this can help you financially, I know.  But I am reading something in your posts that made me want to say it all.  I hope I didn’t overstep.

 

Be well,Chef.

Chip

If my answer resolves your issue, please take a minute to mark it as Best Answer. That helps people who find this thread in the future.

Piper’s Ice Cream Bar, Covington KY USA
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Click here to see a list of third-party apps I use to add functionality to my Square account!
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Appreciate it and yes I’m a huntsville Alabama local and actually contracted at quite a few of the aerospace companies here In town. We are a business dining company/catering so huntsville is ideal for what we do.. worked or are working with teledyne brown engineering, ppg aerospace and plan to bid on lockeed Martin, Northrop Grumman soon 

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I may be going against the stream here, but go to local banks, or credit unions and look into other loan offers like a Line of Credit.  We have a Revolving Line of Credit setup with our local bank and I can borrow up to $300,000 instantly it costs mere pennies a year though I've never left it outstanding for more than 3 months. borrow 200k and it costs $1,089 for 3 months.  If you've been established and growing and obviously have the Square records to prove income and sales you should be able to find something.

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Thanks I have only used square for my business checking and when I’ve looked into lines of credit through traditional banks I’ve been declined. 

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Im going to check out a local federal credit union today in hopes of them possibly picking up a line of credit or loan.... my business has excellent credit but personally mine has taken a bit of a dip... Anyway.. thank you for the feedback. hope all is well 

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Did the credit union help? I know the frustration of waiting on a loan.

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No. Pretty well tried everything I’m honestly sick with stress 

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Yeah all my loan offers come after 80-85% but I understand the frustration. 

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Hang in there man! I hope things smooth out for you. 

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I’m just curious after reading some of these threads ,  what some businesses sales are that they are receiving loan offers like 20k and more? I do well, but have never seen an offer over 11k. 

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No  need , I’ve just seen other people post on here and just curious ! Thanks for the information!

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You’re welcome.  I’ll add one more thing I forgot in my original reply.

 

When we use “sales” in this context of loans, we mean card sales.  Obviously cash sales won’t help you pay off your loan any faster, unless you make extra payments from that cash.  I say this because another thing I noticed that when I was a 50/50 (cash vs. card sales) business, my loan offers were less than they are now, post pandemic.  Now I am an 80/20 card-heavy business, and that has been consistent for a few years.  That means that Square can have more confidence that I’ll be able to handle larger loans without having to make extra payments, I’ll bet!

 

Regards,

Chip

If my answer resolves your issue, please take a minute to mark it as Best Answer. That helps people who find this thread in the future.

Piper’s Ice Cream Bar, Covington KY USA
Website
Facebook
Click here to see a list of third-party apps I use to add functionality to my Square account!
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