Seek Business Capital: Small Business Loans Review

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What is Seek Business Capital?

Headquartered in Los Angeles, Calif., Seek Business Capital helps startups and early-stage businesses access funding from $5,000 to $500,000 in the form of lines of credit via credit cards, merchant cash advances and small business loans.

It is not a direct lender but instead works with banks and other lenders to provide funding for small businesses whose owners have credit scores of 680 and higher. The company has financial backing from Thayer Street Partners, Coffin Capital & Ventures, and other investors

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Key takeaway

While the company advertises that no financials and no tax returns are required, a customer service representative said that most lenders require at least two years of financial statements for business loans. That means the only funding options Seek Business Capital may be able to offer startup businesses are likely credit cards and cash advances.

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What Seek Business Capital offers

Seek Business Capital helps start-up and early-stage businesses obtain funding from lenders, including business loans, unsecured lines of credit via credit cards and business cash advances. Details on interest rates, fees, terms, and available loan products aren’t on the company’s website and are provided later in the application process. As with any type of financing, check the details and fine print.

It’s important to note that Merchant Cash Advances, or MCAs, are not loans. Instead, MCAs are the future purchase of credit card receivables. Repayment is automatically debited from your business bank account daily until the amount borrowed plus an added fee. This type of funding is significantly more expensive than business loans, so small business owners may want to consider all other options before a cash advance.

Seek Business Capital: At a glance
Funding product	Funding amount	Term	APR range/ factor rate	Fees	Time to funding
Small business loan	$5,000 to $500,000	Not provided by Seek Capital	Not provided by Seek Capital	Not provided by Seek Capital	24 hours
Business cash advance	$5,000 to $2,000,000	2 months to 5 years	Not provided by Seek Capital	Not provided by Seek Capital	24 – 48 hours
Credit card	$10,000 to $150,000	N/A	Permanent rate undisclosed by lender	Not provided by Seek Capital	24 hours

Rates current as of 6/30/2018

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Eligibility requirements

Funding product	Revenue	Min. business credit score or personal credit score	Time in business
Small business loan	Not provided by Seek Capital	Not provided by Seek Capital	Not provided by Seek Capital
Merchant cash advance	$15,000 in monthly revenue	Not provided by Seek Capital	3 months
Credit card	Not provided by Seek Capital	Not provided by Seek Capital	Not provided by Seek Capital

 

Additional eligibility factors

No collateral is required for the small business loans. Businesses must be located in the United States to qualify for a business cash advance.

Other small business services

Business services. Seek Business Capital can help startups handle items critical to launching, such as obtaining a federal tax identification number, developing a business plan and creating a website.

Viability assessment. The company evaluates the current and future likelihood of a startup business obtaining funding and offers recommendations for achieving funding goals.

Business insurance. Seek Business Capital offers insurance products through its partner Sure, an insurance technology platform. It provides coverage for covering general liability, damage to business property, lost revenue due to closure and more.

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How to apply for Seek Business Capital financing

The company’s application can be filed online or by phone. The preliminary online form takes under two minutes, followed by the full underwriting process, which can be completed within hours. For the preliminary online form, you need to provide:

• Amount you want to borrow
• Purpose of funds
• Your name
• Business name
• Phone number
• Email address
• Industry
• State
• Time in business
• Average monthly sales
• Personal credit score

If you’re a match based on the online form you submitted, you’ll receive a message stating you’re pre-approved and you’ll be called by a funding expert. The funding expert will review your funding options. You will also be asked to complete a funding qualification application.

You will need to provide:

• Your personal information including date of birth and Social Security number
• Your business’s legal structure
• Monthly rent
• Landlord’s name and phone number
• Federal tax ID number
• Bank name and contact
• Two trade references
• No financials and no tax returns required, but a customer service representative said that most lenders require at least two years of financial statements for business loans.

The application also asks for your average credit card monthly sales and if you have ever had a cash advance before.

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Fine print

Seek Business Capital does not give details on the website about any potential loan products that might be available to you. Interest rates, fees, and terms matter, so sign on the dotted line only after you have a clear understanding of all aspects of the loan.

If you request a funding quote, you agree to be contacted by the company by email and to receive autodialed and pre-recorded calls or texts, even if you are on a Do Not Call list.

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Bottom Line

Seek Business Capital is not a direct lender but works with other banks and lenders to pair small businesses with loan products. The company’s focus is startups with credit scores starting at 680. The process could move fast, but the borrower should move slow enough to understand all the details, especially if they are receiving a merchant cash advance. Borrowers should always compare Seek Business Capital’s option with that other lender offers to make sure to get the best deal.

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