The Business Backer Review

Pros and cons.

Pros

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

Cons

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

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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.

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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:

• Businesses in need of quick cash flow solutions. Due to its fast funding times, The Business Backer is an excellent choice for businesses that require immediate financial assistance to address cash flow issues, cover unexpected expenses, or capitalize on time-sensitive opportunities.
• Owners with lower credit scores. With a minimum credit score requirement of 550, The Business Backer is accessible to business owners who might not qualify for traditional loans due to their credit history.
• Businesses with consistent daily or weekly revenue. For companies that have a reliable income, The Business Backer’s repayment structure of daily or weekly installments can be advantageous, helping spread the cost and potentially easing the burden of larger, less frequent payments.

Where The Business Backer might fall short:

• High cost of financing. The convenience and accessibility of The Business Backer’s loans often come at a price, with higher factor rates compared to traditional bank loans. 
• Repayment frequency. The requirement for daily or weekly repayments might not suit all businesses, especially those with irregular cash flow. This repayment model could place additional strain on the financial management of these businesses.
• Limited funding amount. With a maximum of $200,000, some businesses in need of larger sums for significant growth projects or major purchases might find The Business Backer’s offerings restrictive.

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.

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