Seek Business Capital is one of many lenders that target people looking out for traditional small business financing alternatives. It works with other lenders to offer other financing products on its website — even credit cards for personal use — but its main core product offering is small business credit cards.
In particular, Seek Business Capital may be good for brand-new startups, since it has no minimum time-in-business or revenue requirements to be approved for a loan. It’s also good for industries that may be denied by other lenders. Learn whether it’s right for you in this Seek Business Capital review.
Seek Business Capital offers credit cards business owners can use to fund a wide range of expenses, including payroll, vehicles, inventory.
|Seek Business Capital Financing: At a Glance|
|Amount||Terms||Starting rate||Fees||Min. credit score|
|Business credit cards||$10,000 to $150,000||N/A||0% for 12 to 18 months, then 15%||10% to 12%||700|
Seek Business Capital’s core product is small business credit cards.
It’s important to remember that for small businesses, credit cards operate very differently from loans. As an example, they may not be the best type of funding for bulk startup costs like buying a new storefront or outfitting your entire business with new equipment. Instead, credit cards are better as a flexible source of funds for when you only need a smaller amount here or there, such as an order of new inventory or for office supplies.
Here are the specific details around Seek Business Capital’s credit cards:
Seek Business Capital did not respond to additional requests to verify how this fee works.
It’s also worth noting that its credit cards offer a 12- to 18-month interest-free period after you open the card. This is a great time to make larger purchases, as you won’t owe any interest on them in the interim. However, we do recommend reading the fine print before you agree to the card to make sure it’s not a deferred-interest credit card.
Seek Business Capital’s credit cards are a lot easier to qualify for than with many other lenders. Typically, many lenders like to see that you’ve been in business for at least two years and have a six-figure amount of annual revenue — that’s an impossible box to check off if you’re just launching your business.
Instead, Seek Business Capital relies on your personal details to approve you for a loan. You’ll need a minimum credit score of at least 700 in order to be approved, and you’ll also need to personally guarantee the financing.
Businesses in certain industries, such as firearms, alcohol, or other adult-oriented businesses often have a hard time finding funding, since many lenders restrict themselves to more mainstream businesses. Seek Business Capital has no such restrictions — so if you’ve been denied because of your industry in the past, this lender may be worth a shot.
Seek Business Capital doesn’t disclose what documents you’ll need to apply for a loan. However, in general, you can expect to disclose your name, address, and Social Security number at a minimum. Most lenders will require more information, including details about your business like profit/loss statements, tax returns, bank account numbers and more.
If you’re launching a brand-new venture and want a flexible funding option, or if you work in an adult-oriented industry, Seek Business Capital may be a good choice. Most lenders won’t work with these businesses, but Seek Business Capital will.
On the other hand, financing your business entirely through credit cards isn’t generally recommended, especially if it needs a large up-front investment to get going. Credit cards tend to be a very expensive option if you carry a balance, and that can act as a serious drag on your business. And since you’re required to personally guarantee everything, you’ll be personally responsible for repaying the financing if your business fails.
It’s always good to compare your options when you’re looking to finance your new business. Here are some other options in this space:
The Blue Business® Plus Credit Card from American Express offers similar terms as Seek Business Capital: an intro APR of 0% on purchases for 12 months from date of account opening. Once the introductory period ends, a regular APR of 13.24% - 19.24% variable applies to any unpaid portion of your balance. However, The Blue Business® Plus Credit Card from American Express also offers a huge one-up in the form of a rewards program: Earn 2X Membership Rewards® points on everyday business purchases such as office supplies or client dinners. 2X applies to the first $50,000 in purchases per year, 1 point per dollar thereafter. In addition, new cardholders can earn the following welcome bonus: 15,000 Membership Rewards® points after you spend $3,000 in eligible purchases on the Card within your first 3 months of Card Membership.
To see the rates and fees for The Blue Business® Plus Credit Card from American Express, please click here.
If you’re looking for more options than just a credit card, consider Reliant Funding. This lender offers a wide range of products including merchant cash advances, loans and — yes — lines of credit. However, the approval requirements are a bit more strict: You’ll need to have been in business for at least six months with an annual revenue of $60,000 or more. The credit requirements are a little more lenient, though, with only a 525 personal credit score required of you.
Fundbox is another option that offers lines of credit and short-term loans with payback periods of 24 or 24 weeks. Rates start a lot lower than Seek Business Capital’s, with interest rates as low as 4.66%. Fundbox doesn’t specify minimum time-in-business requirements, although you will need a personal credit score of at least 600 and earn at least $100,000 in annual revenue.