The Business Backer
check_circleverifiedBusiness Backer has been providing business loan solutions since 2007. The company offers cash advances, small business loans, and business line of credit services. Business Backer has a simple application that takes minutes to complete.
Businesses can receive funding in as little as 24 hours after signing the company's contract. Business Backer also supplies customers with funding advisors who can provide loan option information and assistance.
You can find Business Backer reviews below if you want to know what customers have to say about the lender and its services.
To qualify, businesses need $250,000 or more in annual revenue and at least one year in business.
The Good
- Payment Options
- Revenue Loss Protection
- Loan Discount
Payment Options
Business Backer offers multiple payment options to customers including daily payments, weekly payments, and semi-monthly payments. These payment options can provide customers with more control over their loans. Many business loan companies only offer strict payment schedules.
Revenue Loss Protection
Unlike many other business loan companies, Business Backer has a revenue loss protection service. This service allows payments to be lowered in order to accommodate businesses that experience a drop in revenue.
Loan Discount
Business Backer offers a 35 percent discount on unpaid interest costs for customers who are in good standing and who pay off their loans early. The company provides an example loan feature to show customers the discount benefits. Those who pay off their loans early essentially get rewarded from Business Backer. Also, if approved for a second loan before your first is paid off, any unpaid interest is written off and the remaining principal is rolled over.
The Bad
- Limited Online Fee Information
- State Limitations
Limited Online Fee Information
Although Business Backer provides significant upfront information on its website, there is no in-depth information regarding its rates and fees. However, this is common within the lending industry, as rates and fees depend on borrowers' qualifications, such as credit score and history, time in businesses, etc.
And although exact rates aren't listed, the Business Backer states that for small business loans, the "average rate is 2.2 percent monthly interest and 25.8 percent annualized interest rate. Does not include average origination fee of 3 percent."
State Limitations
You are only eligible for a Business Backer loan if your business is located in the following states: Delaware, Idaho, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Minnesota, Nebraska, New Hampshire, Pennsylvania, South Carolina, Utah, Virginia, Washington, or Wyoming.
The Bottom Line
The Business Backer offers several payment options to help companies have more control over their payments. The company also provides a unique Revenue Loss Protection service as well as a generous loan discount for those who pay off their loans early.
The majority of Business Backer reviews are positive, highlighting attentive and helpful customer service as well as quick and easy funding. With a satisfied customer base, borrowers can have peace of mind knowing the lender is a trusted and quality company. If you are a business located in The Business Backer's service area, we highly recommend the company for your funding needs.
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User Reviews
Star Rating
21 Reviews
Review Breakdown
Sentiment Criteria
Process: Seamless Execution: Uneventful Result: Success
Reply from The Business Backer
Oct 15, 2019
Glad to hear you had a smooth experience!
This is the 2nd time we work with Business Backer. Great customer service, communications, and fast funding.
Reply from The Business Backer
Oct 15, 2019
We appreciate your business! Thanks for the review!
Work quickly to help you with financing your small business.
Reply from The Business Backer
Oct 04, 2019
Thank you for leaving us this review! We appreciate your business!
The process was very easy and required little effort. Everything was handled digitally or by phone and the final sign-off was very easy. Would help if more contract information (terms and payoff) could be provided upfront. That information was very guarded early in the process. Walter S was a very responsive contact - which was great.
Reply from The Business Backer
Sep 20, 2019
Thank you for taking the time to leave us this feedback! I will share with our sales manager and also with Walter.
Verified Customer
They followedr up/ They performed as they had agreed to.
Reply from The Business Backer
Sep 20, 2019
Hi Kim, was there something we could've improved on that caused you to leave a one star review? We would love to hear more feedback if you will share. [email protected] or call 866-615-4747 and ask to speak to your account manager. They will look up your business name and get you to the right person. Thanks.
Verified Customer
They seemed genuinely interested in helping our business
Reply from The Business Backer
Sep 20, 2019
Thanks for taking the time to leave a review. We are very grateful for your business!
Verified Customer
Very nice and easy to work with, They were there for me and my business when no one else was.
Reply from The Business Backer
Aug 19, 2019
Kat - We are so happy to read that we could be there for you and your business! We are looking forward to a great partnership.
Verified Customer
Fast, easy service. Process is simple. They handle everything for you. Money can be in your account the next day.
Reply from The Business Backer
Aug 19, 2019
Robert - We are glad that our application and funding processes were simple, fast and stress free!
Verified Customer
Super high interest rates and weekly payback. Because of this it makes it impossible to afford
Reply from The Business Backer
Aug 19, 2019
Tim - We are sorry to read that you are not happy with our factor rates. Please keep in mind that we price our rates to risk, and provide benefits to customers including loss protection if a customer chooses our purchase of receivables (merchant cash advance) product and an unpaid interest discount if a customer in good standing pays off his / her small business loan early. We also offer daily, weekly and semi-monthly payment options for our purchase of receivables and small business loan products. We would be happy to discuss any additional concerns or questions you may have. You can reach us at 866.615.4747 or email us at [email protected]
Verified Customer
So far we have no issues with the payments and the introduction process wasn't to complicated as well.
Reply from The Business Backer
Jul 24, 2019
Tiyodi - Thank you for your review! We are happy to read that our payment structure has been easy-to-follow and understand.
very good service , fast and no to many questions.
Reply from The Business Backer
Jul 17, 2019
Francisco - We not only strive for an easy application process and fast funding, but also great customer service. We are happy to read that you found our customer service fast and required little paperwork and questions!
Verified Customer
Easy doing business with. Very professional and customer friendly.
Reply from The Business Backer
Jul 17, 2019
Mike - We appreciate you and your review, thank you!
Verified Customer
Good company, crappy rates especially for someone trying to build their business credit. But it seems companies like this are the only ones willing to help us up and comers
Reply from The Business Backer
Jul 17, 2019
Karen - Thank you for your review! We are sorry that you are not happy with our rates, but please keep in mind that we constantly monitor our customer's performance and provide rate reductions to those who qualify. Feel free to reach out to your Account Manager, Gina, if you have additional questions.
Working with Business Backer to get the funding I needed for expansion was a quick and hassle free experience. The representative was professional and a joy to work with.
Reply from The Business Backer
Jul 15, 2019
We are happy to read that our application and funding experience was easy and fast, and we wish you the best of luck on your expansion! We look forward to working with you.
Easy and quick... Looking forward to doing business for some time..
Reply from The Business Backer
Jul 12, 2019
Larry - Thanks for a great review, and we look forward to doing business with you!
Verified Customer
Speed of service and how easy it was for us to get the fund
Reply from The Business Backer
Jul 08, 2019
Sy - Thank you for the review! We love hearing that our application and funding processes are fast and easy. We look forward to working with you.
I couldn't be more happy with the customer service from The Business Backer. My rep, Gina, reached out to me personally to walk me through all of the details of the agreement. She went out of her way to make sure that I didn't have any questions, and let me know that I could call her personally if I ever needed anything.
Reply from The Business Backer
Jun 20, 2019
David - Thank you for the great review! We are thrilled that Gina helped make your funding experience easy and stress free. We look forward to a great partnership.
Such a great company to work with. Professional and simple. Grateful to have found them
Reply from The Business Backer
Jul 17, 2019
Carolyn - We are so happy to read that you've had a great experience with us! Thank you for the review.
you guys are the best you make it so convenient for your client I will always be a client of your business thank you so much
Reply from The Business Backer
Jul 17, 2019
Jacqueline - We are so happy to read about your satisfaction with us! Thank you for choosing The Business Backer and we look forward to a long relationship.
Great customer service. As a small business owner ( I own a local event rental and services business), I was skeptical of non-traditional financing, however Biz backer, was both very forthcoming with all my questions and accommodating to all my business specific needs. This is my third (and biggest) deal with them in the last few years or so .
Reply from The Business Backer
Jul 17, 2019
Thank you for your review and continuing to be a valued customer!
I appreciate that I am listened to and treated in a very helpful and supportive way. This company takes a very personal and friendly approach to working with me.
Reply from The Business Backer
Jul 17, 2019
Steve - We strive to have excellent customer service and help our customers through the application and funding processes. Our goal is to ensure you understand what you are getting and be successful for years to come. Thanks so much for a great review!
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