AmiSight 3/22: Make Fund of Fund Tank
Updated: Apr 10
Now I have seen everything. This "lender" who lends at exorbitant rates promotes their loans in a Shark Tank-esque competition.
National Business Capital (NBC), a “FinTech giant” led by Joe Camberato, solicits applicants for Fund Tank. This show will help a lucky winner secure up to $1 million in business financing. They will even offer up to the first $50K interest-free.
But, of course, "terms and conditions apply." For example, even though they often say their loans don't charge interest, the lucky winner is "responsible for the repayment of all principal, and other funding amounts received" after that first $50K is covered by NBC. In addition, "Event winners are solely responsible for all costs and expenses associated with any funding, interest payments, or other benefits received by the winner."
To add insult to injury, National Business Capital was named to Inc.'s inaugural list of the Power Partner Awards 2022, which recognizes "B2B companies that go the extra mile to provide game-changing support for small businesses."
This misleading marketing ploy isn't game-changing to me.