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Up to $200,000
9, 12, and 15 months
Min. credit score
Time to funding
1 to 2 business days
The Business Backer offers revenue-based financing to help revenue-producing small businesses with their cash flow. The application process is known to be fast, as is funding time. But with lower maximum amounts to borrow and high fees, The Business Backer financing is best suited for companies that need fast cash or want to consistently leverage their receivables in order to iron out cash flow.
Revenue-based financing can be a great way to get quick access to cash to cover inventory or payroll expenses. Details for The Business Backer’s revenue-based financing include:
The Business Backer stands out as a convenient financing option for companies looking for revenue-based financing. Personal credit requirements are flexible, but you will need to have at least 1 year of business under your belt, along with $100,000 in annual revenue. Loan maximums aren’t huge, but may be competitive for small to midsize businesses. Funding times are fast, but this convenience is offset by high financing fees compared to traditional loans. Overall, however, customer reviews are excellent, indicating a high level of satisfaction.
The Business Backer is committed to fast funding times regardless of what type of financing you choose. Depending on when you complete your application, approved applicants could get funds deposited into their business bank accounts within 1-2 business days.
This is comparable to other online lenders. Plus, it’s substantially faster than working with a traditional bank or an SBA lender, both of which can take weeks to finalize.
Both a business loan and revenue-based financing allow you to apply to borrow from $5,000 to $200,000. Some business lenders allow you to borrow as much as $2 million, so it’s not the largest range available. But a lower minimum does mean smaller businesses can get funding to match their size, rather than being unable to meet high loan and revenue minimums. Companies that are looking for substantial financing for a major capital project or expansion may need to explore other lenders in order to access higher loan amounts.
The purchase of receivables financing goes by a factor rate, which can range from 1.2 to 1.47. The loan also includes a 3% origination fee. It is possible to pay a higher purchase fee in exchange for a lower factor rate.
When comparing details of Business Backer reviews to those of other lenders, the eligibility requirements definitely seem to be more flexible. The minimum credit score required to qualify for revenue-based financing is just 550.
Businesses just have to be 1 year old in order to apply. However, you will need to have reached an annual revenue threshold of $100,000—that comes to about $8,333 per month.
The Business Backer offers either daily or weekly repayment terms. Having such a short turnaround time in between payments can cause a capital crunch for some companies, so make sure you have the cash flow available to support this frequency.
The repayment term can last as long as 18 months. However, there is no prepayment penalty associated with paying off your balance early. In fact, borrowers with a small business loan could get a 35% discount on non-accrued interest. And there is no prepayment penalty for repaying early.
Finally, once you make on-time payments for at least 60 days, you can apply to borrow additional funds. This could potentially be a good way to even out inconsistent cash flow if you are looking for recurring financing or an easier reapplication process.
Business Backer has an average 4.7 star rating on Trustpilot. Most customers cite a fast and simple loan application process, which gives you a good indication of what to expect if you choose The Business Backer for your next business financing needs.
Ready to compare The Business Backer to other small business loans? Submit an application with Lendio today.
*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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California loans made pursuant to the California Financing Law, Division 9 (commencing with Section 22000) of the Finance Code. All such loans made through Lendio Partners, LLC, a wholly-owned subsidiary of Lendio, Inc. and a licensed finance lender/broker, California Financing Law License No. 60DBO-44694.