The Business Backer Review

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The Business Backer

Funding amount

Up to $200,000

Term

4 to 24 months (depending on loan type)

Min. credit score

550

Time to funding

1 to 2 business days

The Business Backer provides revenue-based financing for small and medium-sized businesses to achieve their financial goals quickly. Unlike traditional banks, The Business Backer has a straightforward application process that allows business owners to access funds in as little as 1 to 2 business days.

Pros

  • Fast funding time
  • Low minimum credit score
  • Excellent customer reviews

Cons

  • Daily or weekly payments, unlike traditional loan products
  • Potentially expensive factor rates

The Business Backer

Apply through Lendio How it works

Funding amount

Up to $200,000

Term

4 to 24 months (depending on loan type)

Min. credit score

550

Time to funding

1 to 2 business days

The Business Backer provides revenue-based financing for small and medium-sized businesses to achieve their financial goals quickly. Unlike traditional banks, The Business Backer has a straightforward application process that allows business owners to access funds in as little as 1 to 2 business days.

Pros

  • Fast funding time
  • Low minimum credit score
  • Excellent customer reviews

Cons

  • Daily or weekly payments, unlike traditional loan products
  • Potentially expensive factor rates

Loan offerings through The Business Backer.

The Business Backer’s revenue-based financing offering allows businesses to obtain funding based on their future sales, making it an ideal option for companies with fluctuating revenues. The funding amount is repaid as a fixed percentage of revenue in either daily or weekly withdrawals from the business’s bank account.

The Business Backer revenue-based financing quick facts
Loan amount range$5,000 to $200,000
Time in business1 year
Minimum credit score550
Minimum annual revenue$100,000
Repayment scheduleDaily or weekly
FeesPurchase Fee: 1-3%
Funding speedAs soon as 1-2 business days after approval

See if your business is eligible for financing.

How much money are you looking for?

Things to consider.

Quick funding times.

Unlike traditional banking processes, which may extend over several weeks or even months, The Business Backer’s efficient application and approval process means that qualified businesses can expect to receive the funds they need within 1 to 2 business days. For businesses facing urgent cash flow needs or unexpected opportunities, this rapid access to funds can be a game-changer.

Moderate financing range.

The Business Backer offers a financing range that can accommodate a wide spectrum of business needs, with funding available from as little as five thousand dollars to as much as $200,000.

Daily or weekly repayment times.

The Business Backer requires daily or weekly repayments, unlike traditional loan products that offer monthly repayment options. This repayment structure may be challenging for businesses with fluctuating income or significant seasonal variation. Therefore, potential borrowers should consider their cash flow patterns and financial stability before evaluating if this repayment method aligns with their business’s financial health and revenue cycles.

Flexible requirements to get revenue-based financing.

To qualify with The Business Backer, businesses typically demonstrate a minimum of $10,000 in monthly revenue, have been in operation for at least one year, and have a minimum credit score of 550. This inclusive approach ensures that even businesses that may not qualify for traditional loans due to strict credit requirements or lack of extensive financial history can still access the capital they need to grow.

Good customer reviews.

The Business Backer has a 4.2 out of 5-star rating on Trustpilot. Customers appreciate the fast and simple loan application process.

Evaluation

The Business Backer is good for:

Where The Business Backer might fall short:

How to apply for financing from The Business Backer through Lendio.

Applying for financing through The Business Backer via Lendio is a streamlined process designed to connect your business with the funding it needs with minimal hassle. Lendio is a small business loan marketplace with multiple lenders that will help match small businesses with loans that suit their unique needs. Here’s how you can get started:

  1. Complete Lendio’s online application form: You will need to fill out a brief online application on Lendio’s website. The form asks for basic information about your business, such as its name, how long it’s been in operation, your monthly revenue, and the amount you’re looking to borrow.
  2. Documentation submission: Alongside your application, you will be asked to submit documents that verify your business’s financial standing. These could include recent bank statements, income statements, balance sheets, and tax returns. Having these documents ready in advance can speed up the process.
  3. Review and acceptance: Once your application is submitted, Lendio will match you with potential lenders that fit your needs. If The Business Backer is a good fit for your financing requirements, you will receive an offer outlining the loan terms. Review these terms carefully to ensure they align with your business goals and repayment capabilities.
  4. Finalize the deal: If you decide to proceed with The Business Backer, you will work directly with their team to finalize the loan details. This may involve additional verification steps or documents.

The bottom line.

The Business Backer offers flexible financing options for small and medium-sized businesses with moderate credit scores or those needing rapid funding. However, businesses should carefully consider the costs and repayment structure. For the right small business, The Business Backer can be a valuable resource for managing cash flows and seizing growth opportunities.

Ready to compare The Business Backer with other financing options? Check your eligibility and get multiple financing offers for your small business in one place.

*The information contained in this page is Lendio’s opinion based on Lendio’s research, methodology, evaluation, and other factors. The information provided is accurate at the time of the initial publishing of the page (October 24, 2022). While Lendio strives to maintain this information to ensure that it is up to date, this information may be different than what you see in other contexts, including when visiting the financial information, a different service provider, or a specific product’s site. All information provided in this page is presented to you without warranty. When evaluating offers, please review the financial institution’s terms and conditions, relevant policies, contractual agreements and other applicable information. Please note that the ranges provided here are not pre-qualified offers and may be greater or less than the ranges provided based on information contained in your business financing application. Lendio may receive compensation from the financial institutions evaluated on this page in the event that you receive business financing through that financial institution.

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