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  The Business Backer Business Lines of Credit

The Business Backer Business Lines of Credit

in Business Lines of Credit from The Business Backer

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The Business Backer Business Lines of Credit

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in Business Lines of Credit from The Business Backer

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Highlights
APR  (Fixed APR) Starting at 3.3%
Credit Score Range 560 - 850
Loan Amount $5,000 - $100,000

The Business Backer Business Lines of Credit Review

The Business Backer Business Lines of Credit is offered by The Business Backer, a financial services company founded in 2007 and based in Cincinnati, OH. The Business Backer Business Lines of Credit is available in 33 states (and Washington, DC).

The Business Backer Business Lines of Credit FAQ

What APRs does The Business Backer Business Lines of Credit offer?

The Business Backer Business Lines of Credit offers a fixed APR product that starts at 3.3% APR.

Does The Business Backer Business Lines of Credit charge an origination fee?

Yes, The Business Backer Business Lines of Credit charges an origination fee of 0% to 3% of the line of credit amount. The Business Backer Business Lines of Credit deducts the fee directly from your line of credit amount before disbursing the fund, so make sure you take this fee into account when deciding how much you need to borrow.

What limitations does The Business Backer Business Lines of Credit set on the purpose of the line of credit?

The Business Backer Business Lines of Credit considers line of credit applications for business purposes, such as:

  • Equipment Purchase
  • Inventory
  • Lease Improvement
  • New Location
  • Payroll
  • Working capital

Does The Business Backer Business Lines of Credit charge prepayment fees?

No, The Business Backer Business Lines of Credit does not charge prepayment fees. This means you will not have to pay additional fees if you decide to pay the line of credit balance off early.

How much can you borrow from The Business Backer Business Lines of Credit?

Line of credit amounts start at $5,000 and go up to $100,000.

What is the maximum term you can get with The Business Backer Business Lines of Credit?

The Business Backer Business Lines of Credit offers business lines of credit with terms ranging from 12 to 24 months. Having the option of longer terms allows borrowers to take on larger line of credit amounts while keeping monthly payments more affordable. However, the longer the term of the amounts you borrow, the more interest you will pay.

What do you need to qualify for The Business Backer Business Lines of Credit?

Applicants with a credit score of at least 560 and up to 850 may be eligible for The Business Backer Business Lines of Credit. The minimum age to be eligible is 18 or the state minimum, whichever is higher.

The Business Backer Business Lines of Credit does not have or does not disclose a minimum annual income eligibility requirement.

The Military Lending Act (32 C.F.R. § 232) prohibits lenders from charging service members more than 36% APR on credit extended to covered borrowers. APRs for the The Business Backer Business Lines of Credit product fall outside of the MLA limits, and as a result, the product cannot be issued to these applicants. Active duty service members and their covered dependents are considered “covered borrowers" under the Military Lending Act.

U.S. citizens are, of course, eligible for the services offered by The Business Backer Business Lines of Credit. Permanent resident / green card holders are also eligible to apply.

To qualify, applicants may need to provide the following documentation:

  • Proof of income
  • Recent bank statements
  • Business formation documents
  • Proof of identity

What are the business financing requirements for The Business Backer Business Lines of Credit?

To apply for The Business Backer Business Lines of Credit, the applicant needs to provide the following documentation:

  • Business license
  • Business bank account

Does The Business Backer Business Lines of Credit report your account activity to credit bureaus?

Yes, The Business Backer Business Lines of Credit reports your account activity to the following credit reporting agencies:

  • Equifax
  • Experian
  • Transunion

Making regular on-time payments to a creditor that reports to one or more credit bureaus will demonstrate your financial responsibility and may help improve your credit.

What types of business lines of credit does The Business Backer offer?

The Business Backer only offers unsecured lines of credit.

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Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author’s alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.

Message From The Business Backer Business Lines of Credit

Access working capital whenever you need it. Small business lines of credit are a popular form of business financing due to their flexibility. If approved, you will receive a credit limit. You can then decide how much you would like deposited into your business’ bank account, up to your maximum credit limit. As you make payments, that money becomes available to draw again — without the need to reapply. This form of revolving credit allows you to have working capital on hand whenever you need it. Taking out a line of credit through our partner Headway Capital can help your small business meet financing needs now and in the future. Reliable access to funds allows you to purchase inventory, cover payroll or take a chance on a business opportunity. With a business line of credit, each time you request a draw, you will select the amount to borrow (up to your available credit limit) along with a repayment term. Once complete, your entire outstanding balance is re-amortized. You will always only have one payment at a time and you will only pay interest on the funds you’ve drawn from your line. These are examples of the costs that come with our business line of credit. Your approval amount, interest rate and repayment term depend on a variety of factors including but not limited to your annual sales, industry type, time in business and overall credit performance.

Availability

  Available in 33 states and Washington, D.C.
  • Alabama
  • Alaska
  • Arizona
  • Arkansas
  • California
  • Colorado
  • Connecticut
  • Delaware
  • Washington, DC
  • Florida
  • Georgia
  • Idaho
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Louisiana
  • Maine
  • Maryland
  • Massachusetts
  • Michigan
  • Minnesota
  • Mississippi
  • Missouri
  • Montana
  • Nebraska
  • Nevada
  • New Hampshire
  • New Jersey
  • New Mexico
  • North Carolina
  • North Dakota
  • Ohio

Feature Breakdown

No Prepayment Fee
Origination Fee (%) 0% - 3%
Business Financing Requirements
  • Business License
  • Business Bank Account
Credit Score Range 560 - 850
Immigration Status Considered
  • U.S. Citizen
  • U.S. Permanent Resident
Military Status
  • Non-Military
  • Veterans
Minimum Age 18
Minimum Months in Business 6
Minimum Revenue $50,000
Verification Documents Required
  • Proof of Income
  • Proof of Identity
  • Business Formation Documents
  • Recent Bank Statements
  • Social Security Number
  • Business Tax Return
  • Employer Identification Number
Collateral Requirement Unsecured
Intended Use of Funds
  • Equipment Purchase
  • Lease Improvements
  • New Location
  • Working Capital
  • Inventory
  • Payroll
Approval Speed 48 hours
Credit Bureau Reporting
  • Experian
  • Equifax
  • TransUnion
Payment Frequency Monthly
Payment Options
  • Automatic Payments
  • Bank Transfer
APR (Fixed APR) Starting at 3.3%
Loan Amount $5,000 - $100,000
Loan Term 12 - 24 months

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