The Business Backer
in Business Loans from The Business BackerUnaffiliated
The Business BackerUnaffiliated
in Business Loans from The Business Backer
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|Community Rating||Strongly recommended|
|Loan Amount||$5,000 - $75,000,000|
|APR (Fixed APR)||N/A|
|Loan Term||4 - 120 months|
The Business Backer Review
Where does The Business Backer do business?
The Business Backer is a business financing offering by The Business Backer, based in Cincinnati, OH. Founded in 2007, The Business Backer offers access to business loans in 33 states (and Washington, DC).
What are The Business Backer’s rates?
The Business Backer offers a fixed APR business financing product but they do not disclose their rates.
Does The Business Backer charge an origination fee?
No, The Business Backer does not charge a loan origination fee. A loan origination fee is what some lenders charge for processing, underwriting, and funding a loan. Typically fees range from 0.5% to 5% of the loan amount. Whenever possible, go with lenders that don’t charge origination fees.
What limitations does The Business Backer set on the purpose of the loan?
The Business Backer considers loan applications for business purposes, such as:
- Equipment Purchase
- Lease Improvement
- New Location
- Working capital
What types of business loans does The Business Backer offer?
Not all business loans are made equal. The type of loan you choose will determine the range of rates and terms you receive. The Business Backer provides access to the following business loan types:
- Unsecured term loans
- Secured Term Loans
- Lines of Credit
- SBA Loans
- Invoice Financing
- Merchant Cash Advances
- Commercial Real Estate
Does The Business Backer charge prepayment fees?
No, The Business Backer does not charge prepayment fees. This means you will not have to pay additional fees if you decide to pay the loan off early.
How much can you borrow from The Business Backer?
Loan amounts start at $5,000 and go up to $75,000,000.
What is the maximum loan term you can get with The Business Backer?
The Business Backer offers business loans with terms ranging from 4 to 120 months. Having the option of longer terms allows borrowers to take on larger loan amounts while keeping monthly payments more affordable. However, the longer the term of your loan, the more interest you will pay.
What do you need to qualify for The Business Backer?
The Business Backer requires companies to be in business for at least 12 months. Businesses must have a minimum annual revenue of $180,000 to be considered.
Applicants with a credit score of at least 560 and up to 850 are eligible for The Business Backer.
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 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.
Only U.S. citizens and permanent residents can apply for a loan.
To qualify, applicants may need to provide the following documentation:
- Proof of income
- Proof of identity
- Washington, DC
- New Hampshire
- New Jersey
- New Mexico
- North Carolina
- North Dakota
|No Origination Fee|
|No Prepayment Fee|
|Origination Fee||Starting at 0%|
|Credit Score Range||
560 - 850
|Immigration Status Considered||
|Minimum Months in Business||12|
|Verification Documents Required||
|Loan Amount||$5K - $75M|
|Loan Term||4 - 120 months|