Has anyone used Seed Capital?

[Jeri Clark]

Has anyone had, or know of anyone that has had, experience with funding from Seed Capital? They promote that you can get a credit line up to $2MM at 0% for a year, but even with great credit I was only pre-approved for $50M. Now they want $3,495 for getting the credit (comprised of various credit cards that you have to pay an additional fee to get a cash advance from) and an additional $3,000 for a year of consulting where they will get you another year of additional 0% funding.

[Shanel Wiggins]

@Jeri Clark

I know of someone who has experience with Seed Capital. I will send you their contact.

[Jeri Clark]

Thanks. Can you PM me their contact info?

[Jay Hinrichs]

@Jeri Clark  let me ask you does it sound remotely possible that you or anyone would qualify for ZERO interest 2 million dollar loan?  I mean be honest.. do you really think that is remotely possible?

this is a leader to get you to repond then its the old credit card scam.. they help you apply for a bunch of credit cards you could get on your own and they charge you 3,500 for the privilege .

What they try to get you into is credit cards that have the teaser first year rate then it goes to normal rates. this for someone who can stroke a check can easily be gotten with out these folks. and if you don't have 50k in  your bank account your taking a huge risk of piling up CC debt and then be totally fubared if your deal does not work or does not work on time..

Along with that your stellar credit because you maxed out your cards then drops down so low you can't qualify for a loan unless you pay them off..

these guys are just preying on those who know no better frankly

[David Dachtera]

@Jeri Clark,

Here are some tips on such sources of funding...

To start with, of course it's not a single lender, it's multiple lenders. They spread the risk around so no single lender is taking all the risk.

Any credit card is likely to charge a fee on a cash advance, but that's ok - read on, you don't want to go that route.

The better funding sources have ways to help you get funding as a purchase transaction rather than a cash advance which may not even be eligible for the 0% introductory rate.

I can turn you on to one, if you would like. You can keep your existing lines to help keep your utilization ratio where the lenders would like it to be.

[Jay Hinrichs]

@David Dachtera  can you expound on your multiple lender theory.. about no single lender taking any risk.. again sounds like a duck or let me say credit cards.

and do you think 2 million dollar credit line for the average person at 0% interest is real ????

Like to hear specifics on this ...

please give specifics.. if you can't or wont I will understand.

[David Dachtera]

@Jay Hinrichs,

The concept is based on "micro-lending", or collecting enough lenders / credit cards to accept enough small portions of the risk to add up to your desired goal.

Of course, multi-million dollar goals are going to be limited to established S/C-Corps and/or LLCs with strong credit histories. No one is going to enter the market and start off with a huge credit line. One of my group leaders built his corporation's credit for 5+ years before he was offered his first 7-figure credit line ($1.5 Million) and the only reason he got that was because of the education he and I are both connected with (I don't have to say the R-word, do I?). He included that in his loan package - the lender was impressed. Lenders like educated investors.

Gotta start small and build from there.

I can put you in touch with our credit / funding expert, if you'd like.

Also, I just connected with an organization which can help new entrepreneurs - even pre-startups - fortify their business entities to meet the requirements of lenders and obtain up to $100K in credit / funding with no fees or out-of-pocket other than the business-related expenses - the program is grant-funded.

[Account Closed]

@David Dachtera that sounds like a great program, I would like to hear more (will send a DM). To circle back to the original question in the forum, I have recently started working with Seed Capital.

The summary of their program is they help you get personal and business credit and get the maximum amount for which you can get approved. They offer a guarantee that you get your money back if they are not able to get you at least $50k, which I believe is unique for most firms like them.

How they are able to do this is that they have a database of thousands of applications to hundreds of banks so they know what will get approved and what will not get approved from a credit, income and other factors perspective.

@Jeri Clark happy to help with any questions you have about credit or Seed Capital, feel free to DM me.

[Matt Good]

I have worked with Seed Capital, and found them to be both professional and helpful in all cases. Read the fine print, understand the credit card structure, and you will be fine. Not sure if you are still looking into going down this route, but pm me if you have any questions and I will try and get back to you.