The Business Backer
check_circle VerifiedThe Business Backer started in 2007. The company offers purchase of receivables, small business loans, and Headway Capital's business line of credit services.
The Business Backer has a simple application process that takes minutes to complete. If approved, businesses can receive funding on the next business day or sooner after signing the company's contract. The Business Backer also supplies each borrower with a funding advisor who can provide financing information and assistance.
You can find The Business Backer reviews below if you want to know what customers have to say about this alternative lender and its services.
To qualify for a small business loan, businesses need $250,000 or more in annual revenue, a minimum credit score of 600, and at least one year in business.
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The Good
- Loan Products
- Payment Options
- Revenue Loss Protection
- Loan Discount
Loan Products
The Business Backer's loan products include the following for equipment financing and other cash flow needs:
Purchase of Receivables
- Future receivables agreement up to $200,000
- Term length: No set term
- Payment frequency: Daily, weekly, or semi-monthly
Small Business Loan
- Fixed sum of funds up to $200,000
- Term length: 4-18 months
- Payment frequency: Daily, weekly, or semi-monthly
- Interest Expense Starting at 1.7% per month of the funded amount plus 1% – 8% origination fee
Business Line of Credit
- Revolving credit up to $100,000 ($50,000 in Maryland and North Carolina)
- Funds replenish as you pay back
- Term length: 12, 18, or 24 months
- Payment frequency: Weekly or monthly
- Rates starting at 3.3% per month plus 2% draw fee
Terms and conditions apply on all loans. The interest rate depends on the borrower's eligibility, including working capital, credit score, and loan amount.
Payment Options
The Business Backer offers multiple payment options to customers including daily payments, weekly payments, and semi-monthly payments. These payment and delivery options can provide customers with more control over their funding. Many business loan companies only offer strict payment schedules.
Revenue Loss Protection
Unlike many other business loan companies, The Business Backer will work with small business owners to adjust their payment deliveries if their revenue changes. This service allows payments to be lowered in order to accommodate businesses that experience a drop in revenue.
Loan Discount
The Business Backer offers a 35% discount on non-accrued 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. A business owner who pays off their loan early essentially gets rewarded. Also, if approved for a second loan before your first is paid off, any non-accrued interest is written off and the remaining principal is rolled over.
The Bad
- State Limitations
- No Credit Cards
State Limitations
The Business Backer loan is only available in the following states: Delaware, Idaho, Iowa, Kansas, Louisiana, Maine, Massachusetts, Minnesota, Nebraska, New Hampshire, Pennsylvania, Utah, Virginia, Washington, or Wyoming.
The Purchase of Receivables product is available in all states.
No Credit Cards
It is unclear whether The Business Backer offers merchant cash advance or business credit card options.
The Bottom Line
The Business Backer offers several payment options to help companies have more control over their payments. The company also provides a service to adjust deliveries if your revenue changes for their Purchase of Receivables product as well as a generous loan discount for those who pay off their loans early.
The majority of The 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 this alternative funding company is a trusted and quality company.
If you are a business located in The Business Backer's service area and meet the required credit score, we highly recommend the company for your small business financing.
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User Reviews
Star Rating
46 Reviews
Review Breakdown
Sentiment Criteria
Christopher pendleton
The set up and borrowing money was easy. I like that it's an automatic deduction. However, when we had already talked about an additional loan in February and I get a blanket refusal for additional funds in March due to COVID, it did not sit well with me. Every payment has been made on time and I never called and cried about the fact that I was only operating at 20% due to the pandemic. When I do borrow money in the future, I will remember that Business Backer left me hanging without a second thought and Kabbage stepped in and helped us out.
Reply from The Business Backer
Jun 22, 2020
Hi Christopher, we apologize for any inconvenience this has caused. We are doing our best to make the most responsible lending decisions in the midst of this unprecedented pandemic and are actively working on options to assist customers in the near future. A representative from our team will be in touch with you today. You can also contact The Business Backer Customer Service team at 866.615.4747 for more information.
Devon W
Good standing client and refuse to back me after doing buisness before.
Reply from The Business Backer
Mar 25, 2020
Hi Devon, we apologize for any inconvenience this has caused. We are doing our best to make the most responsible lending decisions in the midst of this unprecedented pandemic and are actively working on options to assist customers in the near future. A member of our team will be reaching out to you. In the meantime, you can also contact our dedicated The Business Backer team at (866) 615-4747 for more information.
Idowu Akinleye
Business Backer has been very supportive helping small business meeting its needs for working capital especially at a critical time like this. I highly recommend them Idowu A., MBA, PMP
Verified Customer
Kelly
Easy and very knowledgeable. Smooth and fast
Verified Customer
Cheetah limousine service/ Muhammad talal
Awesome and very helpful management thank you
Jin Lee
It was quick and easy. Helped we finance what I needed and move forward!
Kidds Palace Learning Center
Business Backer has come through for me when I have had projects that needed extra funding. I much appreciate their time and efforts to make it possible to expand business.
Verified Customer
Sam Johnson
Great customer service, answered all my questions and worked with me to make the loan work.
XS Tractor LLC
Working with Business Backer has been a wonderful experience! Walter S made the process of obtaining working capital for our company extremely quick and easy! All the terms and fees of the loan were explained upfront. I would recommend Business Backer, especially Walter to any business owner in need of immediate working capital.
Tj
Your business needs to check the applications better. We are a small business and we have three partners. One of the partners took out a Business Backer Loan without the other two partners knowledge. He was not the majority stock holder and the application stated that. Also, when filling out the app, he stated that there was rent being paid on the business location, although stated the amount as $0. We may be seeking legal action against the partner and the financial establishment.
Verified Customer
Brooks Diesel Service
Great to work with. Got my funds quickly and the customer portal is great to check into the status of my account and get in touch with The Business Backer.
Chirag Patel
This company will meet your financial needs. Very fast, easy process and fast funding.
Will
Josh was awesome to work with and attentive to my concerns. I will definitely work with Josh and the Business Backer again.
Verified Customer
Anna
These guys are amazing! They help you and respond you in timely manner. It's a great pleasure to deal with this company. Gina is very friendly
Verified Customer
susan
They were very helpful and respectful in helping me get the loan.
Kathryn Boyce
It is a very easy, non stressful application process. Michele was very helpful and informative. I normally dread the loan process and digging up piles of info for the processing company, but this was so easy and took very little of my time and effort. It was a breeze. Thank you!
Sharon S
They have been extremely helpful and responsive in providing funding when we have started new projects.
Verified Customer
Bob Zick
Quick response time and friendly customer service
Ryan DelBaggio
Very great to work with and a super easy process!
Greg
The process of adding in funds to an existing loan could not have been easier or quicker. I clicked the link on my phone, entered the desired amount yesterday. Within an hour an agent asked for the last two months bank statements. This morning I was shown what my new payment would be. I was then sent DocuSign documents, I signed them and a couple of hours later I had the money. Easy peasy. Thank you.
Reply from The Business Backer
Dec 06, 2019
Hi Greg, Thank you for your detailed review. We appreciate your business!
Robert Williams
Quick and easy to access funds. very professional and very knowledgeable in their profession.
Reply from The Business Backer
Dec 06, 2019
Thank you for the shoutout Robert, we appreciate your business!
Bryant Wright
Fast and very efficient processing. I am a FedEx contract and needed funds quickly. Not even 24 hours later the money was in my account.
Reply from The Business Backer
Dec 06, 2019
Thank you Bryant, we love hearing we are fast and easy! That is exactly what we are here for.
Brian Davis
I ve done business with Buisness Backer twice now and both times I've had an amazing experience. Very up front and responsive to my questions. I will definitely keep using them in the future HASSLE FREE!!!!
Reply from The Business Backer
Nov 22, 2019
Thank you for your kind words Brian, we appreciate your business and look forward to continue working together!
Atop Of The Ladder
outstanding service for anyone looking for funding this may be possibly the absolute best company out there. Also if youre fortunate enough to work with Rocky, you will definetely be in great hands. He is very professional and will walk you thru the steps personally
Reply from The Business Backer
Nov 22, 2019
Thank you for your feedback. We will share it with Rocky. The team will be very happy to hear it!
Philip Charles
The smoothest experience I have had to date. Thank you!
Reply from The Business Backer
Oct 25, 2019
Wow, this is great to hear! Thanks for the nice review and for your business!
lloyd
Process: Seamless Execution: Uneventful Result: Success
Reply from The Business Backer
Oct 15, 2019
Glad to hear you had a smooth experience!
Adriana
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!
Robert Young
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!
Paul
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
D Kelly
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
Kim D.
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. 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
Kat
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
Robert Young
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
Tim
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 .
Verified Customer
Tiyodi Taylor
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.
Francisco
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
Karen Perricone
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.
Verified Customer
Mike Boyce
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!
T. Hicks
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.
Larry Thompson
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
Sy
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.
David
The process of applying and getting funded was seamless. I think the best part was actually having a real person as a sales rep to answer any questions that I might have. My sales rep, Gina B, was there every step of the way.
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.
Carolyn Sommer
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.
Jacqueline O’Sullivan
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.
FHCE Events
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!
Steve Taylor
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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