The Business Backer Small Business Loans

The Business Backer Small Business Loans Review

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 small business loans in 33 states (and Washington, DC).

The business backer FAQ

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 business 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 business loan?

The business backer considers business loan applications for business purposes, such as:

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

What types of small business loans does The business backer offer?

Not all small business loans are made equal. The type of business loan you choose will determine the range of interest rates and terms you receive. The business backer provides access to the following business loan types:

• Unsecured Term Business Loans
• Secured Term Business Loans
• Lines of Credit
• SBA Loans
• Invoice Financing
• Merchant Cash Advances
• Commercial Real Estate Loans

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 business loan off early.

How much can you borrow from The business backer?

Business loan amounts start at $5,000 and go up to $75,000,000.

What is the maximum business loan term you can get with The business backer?

The business backer offers small 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 Small Business Loans?

The Business Backer Small Business Loans requires companies to be in business for at least 12 months. Businesses must have a minimum annual revenue of $180,000 to be considered.

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 Small Business Loans 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 and permanent resident / green card holders are eligible to apply for the services offered by The Business Backer Small Business Loans.

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

• Proof of income
• Proof of identity