Seek Business Capital Review

This review of Seek Business Capital will highlight the company’s products, reputation, customer reviews as well as a brief history of the company.

seek-business-capital review

Seek Review in Numbers: 2020 Updated

💰 Loan Amount
$5,000 to $500,000
💸 Loan Term
1 to 25 years
Unsecured?
Unsecured
Requirements
  • Credit score of 680 or more
  • Been in business for 3 years or more
  • Average annual revenue of $300,000 or more
Client Reviews
86%
🌐 Website:
SeekCapital.com
🌝 Easy to Apply:
Yes
📃 Required:
  • PL statement
  • Business bank account statements
  • Credit score
  • Business and personal tax returns
  • Driver’s license
  • Voided business check
💳 Minimal Interest Rates
9%
💌 Online Feedback:
4.3 / 5 Trust Score on TrustPilot
🏆 Awards and Recognition:
  • Named best place to work in 2020 by Glassdor
  • Recognized as best fintech to work for by American Banker
Seek Business Capital Review Summary
Overall
80.3%
80.3%
  • Credibility - 80%
    80%
  • Client Reviews - 86%
    86%
  • Website - 75%
    75%
  • Compatibility - 80%
    80%

Editor's Conclusions

Seek Business Capital has very high eligibility criteria, especially when taking into account its lowest interest rate starts at 9%. The loans themselves have a lot of fees surrounding them, and there’s also a lack of customer reviews which makes it difficult to pick over a more credible competitor.

Credibility & Company Story

How Seek Business Capital Started

Seek Business Capital is a relatively newly established funding procurement company. The company was founded in 2014. CEO and founder Roy Ferman has helped quickly grow the business, with the help of his large network. Prior to Seek Business Capital, Roy had climbed his way up the corporate ladder in Australia, coming from a Cutco district manager to a CEO of Encore Ads and Breakthrough Ads — PPC marketing companies.

This is quite an eclectic career, and Roy is now on the Forbes Finance Council too alongside his job of running Seek Business Capital. It’s interesting to see that Roy hasn’t expanded his LA-based Seek Business Capital company into Australia — something that he’s done in his previous businesses. This is perhaps something we might see in the future.

How did Seek Business Capital Grow its Presence in the Market?

As it stands, Seek Business Capital has been operating for 6 years. They’ve grown to a company size of around 100 employees, or just under.

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Leading Private Investors in Seek Business Capital

Seek Business Capital remains a private company, not floated on an exchange. They have various investors, four of which are mentioned on their website.

Coffin Capital & Ventures

Matt Coffin is the founder of LowerMyBills. Through this investment company, Matt Coffin has injected capital into over 40 early-stage companies

Thayer Street Partners

Private investment firm Thayer Street Partners invest in financial and technology-enabled companies.

Brian McLoughlin

Brian is a fintech venture capitalist who has various investments in lending and payment platforms, as well as insurance and capital markets.

Innovent Capital

Innovent Capital helps build innovative, early-stage companies. They have a lot to offer in terms of personal experience within financial and technology markets.

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In Detail: What Seek Business Capital Does

seek-business-capital reviewSeek Business Capital has unsecured loans, which is a great option for businesses with limited assets. However, in order to be approved, businesses must be operating for over 3 years. This rules out startups, and it also rules out those with credit scores under 680. Furthermore, businesses must have over $300,000 in annual revenue, which rules out very small businesses.

Taking all of this into consideration, it then comes as less of a surprise that loans are unsecured because approval standards are so high. They boast an approval rate of over 92%, which is promising for companies who don’t have much time or options. Business funding can arrive within 2 hours, but elsewhere the company claims they are estimated to arrive in the account within 24 hours. Either way, it’s quick!

There’s a fixed percentage of interest that you pay on the loans, for example, 5%, and on top of that, the varied rate will be dependent on the LIBOR rate. The fixed percentage is usually dependent on your credit rating and your cash flow strength.

Beware that there are legal fees, prepayment penalties, check processing fees, origination fees, and late payment fees. This is far from impressive compared to their competitors when taking into account the high standards and the fees.

Other products

There are some other business products on offer from Seek Business Capital. These are divided into the following categories: Business Services (such as business plan creation), Viability assessment, funding procurement, mortgages, and business insurance. These aren’t all strictly in-house, as the funding procurement for example in merely trying to obtain funding from third party sources. These are good services that not many competitors have, such as business plan creation, which can actually help get funding from a bank. This allows the capacity to build up a relationship with the company for the future.

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Seek Business Capital Business Loans Client Reviews

TrustPilot: 64 reviews, 81% ‘Excellent’, 11% ‘Great’ and only 8% ‘Bad’ — 4.3 / 5.

The Feedback:

While a lot of the reviews on Seek Business Capital look positive, there are some concerning ones there:

“If you are looking for funding and need it quickly and professionally look no further…  seek capital is truly amazing and will be there for you the entire time (even if you are a bit scared in the beginning) Reese was amazing and kept me from going off the ledge.”

“This company is a sham. They took all of our business and personal information and promise funding and guess what no one returned the call. I will be reporting this company. Business beware”

“Bunch of scam artists. I would give them 0 stars if I could. Don’t trust the fake positive reviews on here.”

Analysis of Client Reviews:

64 reviews are nowhere near enough to get the real picture about Seek Business Capital and the fact that 8% of them are negative is not helping the company either. The negative reviews imply that Seek Business Capital is a scam while the positive praise the company for quick and professional services. Therefore, it is hard to make any conclusions on whether the company is reliable or a scam.

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Seek Business Capital Website Review

 

Seek Business Capital Website Review

The first reaction of the Seek Business Capital website isn’t great. It looks like they’ve really pushed for an aesthetic and persuasive introduction, but it’s actually just lacking in information or clarity. The menu is hidden, and many users may not want the funding estimate that they’re trying to force.

However, scrolling down and the site has some more information. It’s mostly marketing fluff until we get to the bottom, where they actually state the product specifics. There is a separate product page, which is satisfactory, but there’s not much else going on. Overall, the website is very much average regarding user experience.

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Seek Business Capital Loan Compatibility

StartUp: Not suitable, as it requires businesses to have traded for at least 3 years and have annual revenue of at least $300,000

Bad Credit: The requirement is 680 or more, which is higher than the industry’s average and therefore not suitable

Sole Trader: Accepted

Established Business: The maximum loan amount is $500,000, which is somewhat limiting.

Seek Business Short Review

There are legal fees, prepayment penalties, check processing fees, origination fees, and late payment fees. Or, in other words: stay away. There would be zero reasons to use Seek Business Capital. In comparison to competitors, approval is very difficult and there are a lot of different ways of being charged fees. It’s not as if the loan amounts are anything to make up for this, either, starting at 9%. The application process isn’t just hard, it’s a lot of paperwork. This is almost as much trouble to attain as a bank loan, yet with higher interest.

Submit an Expedited Application to Seek Business Capital the link below.

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