Eligibility for Loans Through Square Capital
For eligible Square sellers, Square Capital offers exclusive access to business loans to grow your business. You can check your business’s eligibility by going to the Capital section of your Square Dashboard and keeping an eye on your email inbox.
Numbers are for illustrative purposes only.
If you don’t see an offer in your Square Dashboard, your business isn’t currently eligible to apply for Square Capital. But keep in mind that Square accounts are reviewed for eligibility on a daily basis. Offer eligibility is based on a variety of factors related to your Square account, including payment processing volume, account history, and payment frequency.
What happens now?
Keep processing with Square—and consider the eligibility factors below as you process! There’s no need to contact us or request an eligibility review. The review is automatic, and we will let you know via your Square Dashboard and by email if you are eligible for an offer— saving you time so you can focus on your business. Note: Square Capital is unable to manually generate or predict offers; all merchants must qualify based on eligibility criteria.
Key Factors for Offer Eligibility
There are many factors that may affect your eligibility, and accounts are evaluated as a whole. This means that meeting one or more eligibility factors doesn’t guarantee that you’ll be eligible for a loan offer— your business needs to satisfy all criteria to be eligible.
Your business’s Square processing volume is just one of many considerations used to determine eligibility. Here are a few examples of the things that are considered when evaluating your business for an offer:
- Square processing volume. In general, businesses that have processed at least $10,000 or more in a year are more likely to be eligible for an offer.
- Square payment frequency. The frequency of card payments you process through Square matters. If you consistently take payments, you’re more likely to get noticed. To us, a steady pattern of taking payments shows that you have a healthy business.
- Your customer mix. A good mix of new and returning customers shows us that you’re growing in different ways. You can use Square’s analytics tools to understand your customer base better.
- A healthy, growing business. The size of your loan offer is generally shaped by how much you process through Square.
Watch Out For These Factors
- Chargeback history. A chargeback happens when a customer disputes a charge from your business and contacts the card issuer to reverse it. Swiping chip credit cards is one way to increase your chargeback risk. Switch to a Square Reader for contactless and chip or learn how to better monitor payment cards to prevent chargebacks.
- Multiple Square accounts. If you have multiple Square accounts or locations with outstanding loans through Square Capital, make sure that they are all processing consistently and current with loan repayment.
- Failed debits. Your Square account is reviewed for failed debits due to insufficient funds. Please be mindful of the amount of funds available in your linked bank account to avoid failed debits.
- Local COVID-19 Orders. The status of restrictions in your state can impact your eligibility. We understand that this situation is changing rapidly, so be sure to continue to check your eligibility on your Square Dashboard.
- Build your own contract with 12 free contract templates that Square provides to avoid disputes.
- Connect and share with other merchants on our seller community forum.
- Take a peek at the business resource center for tips, advice and news on how to start, run and grow your business.
Looking for Another Loan Offer?
Square accounts — including accounts with an active loan — are reviewed for eligibility on a daily basis. If your business is currently repaying a loan, you may become eligible for another offer. However, offers are not guaranteed and we are unable to predict when your business may receive another offer. Loan offer details, as well as the timing of eligibility, may differ from your current loan through Square Capital, as each loan offer is unique and evaluated separately.
Take a peek at Becoming Eligible for Another Loan Through Square Capital for more information.
Square Capital, LLC is a wholly owned subsidiary of Square, Inc., d/b/a Square Capital of California, LLC in FL, GA, MT, and NY. All loans are issued by Celtic Bank, a Utah-Chartered Industrial Bank. Member FDIC, located in Salt Lake City, UT. All loans are subject to credit approval. FW1118