Seek Capital Small Business Loans: 2024 Review

Q: Is Seek Business Capital a direct lender?

Seek Business Capital is not a direct lender. The company is essentially a financial technology or fintech firm that operates an advertising referral service.

Q: Is Seek Capital SBA approved?

Seek Capital is not a direct lender, but it may refer small business owners to third-party lenders that specialize in SBA loans.

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Sulaiman Abdur-RahmanUpdated January 2, 2024

Overview of Seek Business Capital

Seek Capital LLC, also known as Seek Business Capital, operates a lender matching platform that refers eligible borrowers to third-party lenders. Small business owners can use Seek Capital’s platform to find financing, including lines of credit and U.S. Small Business Administration (SBA) loans, among other funding solutions.

Pros and Cons of Seek Business Capital

Below we highlight some of the pros and cons with Seek Capital small business loans:

Pros	Cons
Easy application process	There’s no guarantee you’ll be accepted by a lender
Can connect startups and small businesses to third-party lenders	Operates as an advertising referral service, not a direct lender
Approval within 24 hours	Can take up to three weeks to receive funds

Pros of Seek Business Capital

This lender matching platform connects startups and longtime small businesses to third-party lenders. The application process is simple and typically provides approval decisions within 24 hours.

Cons of Seek Business Capital

Seek Capital is not a direct lender and has no control over a third-party lender’s underwriting standards. There’s no guarantee you’ll receive any loan offers through the Seek Capital platform. It can take up to three weeks for approved applicants to receive their funded loan proceeds.

Seek Capital Small Business Loan Terms, Rates, and Fees

Startups can use the Seek Capital platform to apply for small business loans ranging from $5K to $500K and lines of credit ranging from $10K to $250K. Loan approval is not guaranteed, but applicants can request larger loan amounts exceeding $3 million.Seek Capital does not control the terms or conditions of any third-party loan offers. Cash transfer times, repayment terms, and annual percentage rates (APRs) vary between lenders. If you’re wondering what’s the minimum or maximum APR you can receive through a Seek Capital lender match referral — it’s not clear. Creditworthy borrowers, however, may qualify for an introductory APR of 0% for 12 months on a business line of credit.Here are some additional Seek Business Capital loan referral options you may have:

Who May Seek Capital Small Business Loans Be Right For?

Seek Capital’s lender matching platform may be right for small business owners who have been in business for fewer than five years and need startup financing. Getting access to capital can be challenging for new business owners, but Seek Capital can help you find possible funding offers.

Who Seek Business Capital May Not Be Right For

Seek Capital may not be right for longtime entrepreneurs with excellent personal and business credit scores. Experienced business owners with exceptional credit scores may receive more competitive funding offers from direct lenders.

Seek Business Capital Loan Eligibility Requirements

Creditworthy borrowers may need to provide the following documents to be eligible for a Seek Capital business loan referral offer:

Accounts receivable aging and accounts payable aging reports
Bank statements
Business licenses and permits
Business plan
Collateral proof
Details of your other loans
Federal employer identification number (EIN)
Financial statements
Proof of business registration
Tax returns

Repayment Options for Seek Capital Small Business Loans

Lenders in Seek Capital’s network may offer a variety of small business loan repayment options. Borrowers approved for a line of credit may have a monthly payment equal to 2% of the outstanding balance.

How to Apply for Seek Capital Small Business Loans

Here are the basic steps of applying for small business loans through the Seek Business Capital platform.

See if you’re preapproved. Applying for small business funding on the Seek Business Capital website is quick and simple. You can get preapproved in minutes by answering a few basic questions, including the name of your business and the loan amount you wish to borrow.
Get connected. Seek Business Capital connects creditworthy borrowers with third-party lenders, and these lenders make a decision on whether to approve or deny a borrower’s loan application.
Sign business funding offer. Approved applicants can sign the funding offer. Lenders determine a borrower’s interest rate, and Seek Business Capital has no control or influence over the APR.

Alternatives to Seek Capital Small Business Loans to Consider

The Seek Capital small business loans platform has pros and cons, as discussed, so it can be smart to compare lenders when searching for small business financing:

Biz2Credit offers commercial real estate financing, term loans, and working capital.
Fundera is a subsidiary of NerdWallet that can help small business owners find and compare funding options.
Funding Circle can help small business owners access SBA 7(a) loans, term loans, or business lines of credit.
Lendio provides a platform that can help small business owners find loan offers.
OnDeck is a direct lender of term loans and lines of credit for small business owners.

Lantern can help you find fast funding for your small or medium-sized enterprise.

Frequently Asked Questions

Is Seek Business Capital legitimate?

Is Seek Business Capital a direct lender?

Is Seek Capital SBA approved?

About the Author

Sulaiman Abdur-RahmanSulaiman Abdur-Rahman writes about personal loans, auto loans, student loans, and other personal finance topics for Lantern. He’s the recipient of more than 10 journalism awards and served as a New Jersey Society of Professional Journalists board member. An alumnus of the Philadelphia-based Temple University, Abdur-Rahman is a strong advocate of the First Amendment and freedom of speech.

Brand names: No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third party trademarks referenced herein are property of their respective owners.

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