Business Backer

Business Backer has been around since 2007 and has been working with small businesses in order to provide them with the needed cash flows. They understand the needs and the requirements of a small business that are unable to get hold of the required funds from traditional channels. The Business Backer helps a business to grow, achieve its aims and reach its potential. They help the business to re gain the trust in financial institutions, to have easy access to funds and the best possible financial solutions and also at the best possible price.

Why choose Business Backer

The Business Backer is Affordable and they offer the best possible rates to the business, understanding their circumstances. They also customize products and lending options in order to best suit their needs.

The Business Backer is fast. From the time a business realizes they need funds to the time it takes for Business Backer to disburse those funds are minimized. The Business Backer gives the funds in less than 48 hours to the business as per their requirements.

The process is Easy. All that is required for the loan is a four months bank statement from the business and an application form to get it started.

The practices are ethical. The main aim of the Business Backer is to help the small business thrive and do well. Not only do they give loans to the small business but also develop an understanding and a relationship of mutual trust that the business can count on for life.

The key features of the Business Backer

True Relationship Financing

The Business Backer has experienced and knowledgeable financial advisors who are there to help the small business owners with whatever help they need regarding their cash flows. They strive to understand each business, their aims and their values so that the Business Backer can offer the business the best rates, the right product and sound financial advice based on the aims and the goals of the business. At the same time, it also helps the business to understand what Business Backer is all about, in a mutual way creating a relationship rather than a one of transaction.

How does Business Backer do It

The business tells their story

The Business Backer wants to know all about the business. Where they are from, what they do, what they aim to do, etc. It helps to find out why you need the cash, what has stopped your cash flows from coming in and how can they help you to overcome it. This helps the Business Backer to come up with the best solutions for the financial needs of the business and also advise against how to handle the finances.

Evaluate Options

The Business Backer helps to find innovative ways to help the businesses. A business might think they want a particular form of financing but looking at their past history and current trends, the financial advisors at Business Backer might have other suggestions or solutions for the business. They offer free advice and consultation to the business so that they only get the right type of financing they require.

Customized solution

The financial advisors after doing all their homework with the business, finding out everything they can about them, evaluate the best decision and offer a solution that is the best for the business. Whether the business needs just one time loan or an ongoing working capital requirement, the financial advisors will make sure the business gets it. They might even customize a whole package of deals for the business that is best suited for them.

Recognition

The Business Backer has been given Recognition for having innovative lending methods and techniques that are unique and for having an extra ordinary company culture. They have been given various awards in recognition such as the Winner of 2013 Better business bureau award, Blue ribbon award for small business of the year 2014 and Best places to work and top places to work in both 2014 and 2015 consecutively among the many other awards.

How they help

Since establishing themselves in the year 2007, they have helped thousands of small businesses all over the country to have access to all the financing that they need in order to meet their day to day cash requirements. Not only do they have great economical rates for such businesses but also adhere to ethical business practices that make them stand out and for the business owners to go back to them for repeat business as well.

Not only do they have in house financial solutions through a team of experts that they have, but the Business Backer also has a network of trusted partners who take this one step further and provide all other financial solutions which suits the business appropriate There are many options for business financing that a customer can choose from, which may by from the Business Backer themselves or through a trusted True Relationship Network, their partners who offer other financial services. Whatever is the need for the client, the Business Backer has it all in one place. This makes it a one stop shopping experience for all the business owners’ financial needs! The loans and services offered are:

1. SBA Loans (Small Business Administration)

This is a loan from the Small Business Administration which is a Federal Agency that specializes in financing for entrepreneurs and other small businesses. The SBA work with other lenders in the industry such as private lending company as well as with banks in order to provide loans.

The Business Backer, along with their True Relationship Network will make sure your loan requirements are met and offer funding solutions like installment loans or FlexFund products. The key features for SBA loans are:

• Funding is between $20,000 – $5 million
• The rate of interest may vary between 5% – 12%
• The option of long term financing is also available which ranges from 10-25 years at least
• There are monthly payments to be made
• There are no penalties for early pay off
• Usually there are low interest rates offered and a longer repayment period

These loans are ideal for:

• When the amount of financing is towards the higher side
• When business acquisitions are involved
• For consolidating debt

2. Business Line of Credit

This is also offered by one of the True Relationship Network partners of the Business Backer. This is one of the great options of having access to working capital anywhere and anytime without any restrictions. This product allows a business a line of credit as a solution for ongoing access to their working capital requirements. Through this working capital that is available to them throughout, they are able to draw funds out whenever they want. As the customer pays back, the capital is replenished and becomes available again. The key features of this product are:

• The funding can be between $5,000 – $100,000
• The rate of interest are 9.99% and up
• The financing is usually for 1-2 years
• You only pay for the funds that you use
• The funds are always available
• It is like a running finance
• Funds are received quickly than other lending options

Headway Capital is the business partner for this type of a credit scheme offered by the Business Backer. Headway Capital is Chicago based is also part of an online lending system and is safe and secure and quoted on the NYSE. They have long term experience with lending and have given more than $15 billion in loans to more than 3 million customers across the country. Acquiring loan from this partner is quicker and simpler than getting from a bank. The features they offer are:

• You can apply for a credit line for up to $50,000
• The repayment months you can choose from either 12, 18 or 24 months
• The frequency of repayment can be weekly or monthly
• The loan that is offered is called the Business Line of Credit
• The payment terms are clear
• The interest rate is not compounding
• There are no penalties for early pay offs
• This type of loan is ideal for:
• Expanding premises, renovations
• Hiring new employees, payroll
• Boosting your cash flow
• Building up credit
• Having access to ongoing working capital

3. Long term business loans

All businesses require planning for the future and planning requires investing in that future now and that obviously requires funds to invest. The long term loans offered by the Business Backer will help any business use up this loan to make large sum of investment purchases and for example in high technology equipment or expanding business operations without having to worry about making repayment immediately. The key features of long term loans are:

• They are usually between $25,000 – $500,000
• The rate of interest are 5.49% and up
• The financing can be between 1-5 years

The repayments are monthly

This type of a loan is ideal for:

• Expanding space, renovations
• Buying equipment
• Investing in technology
• Hiring new employees
• Refinancing debt

4. Short term business loans

Sometimes a business is in dire need of cash right away and going to a traditional money lending institution takes times, effort and hassle and in the end, you do not even know whether you would qualify for the loan or not. The short term loans offered by the Business Backer are highly useful for the small businesses in order to meet their day to day working capital expenses quickly and without too much paperwork. The key features of this type of a loan are:

• The funding is usually between $10,000 – $200,000
• The rate of interest are 14% and up
• The financing is usually for 18 months
• It helps to provide a loan quickly than a bank
• Helps to meet day to day requirements of working capital

These types of loans are ideal for:

• Immediate business requirements like payroll
• It gives quick access to cash
• Great for small term projects
• Suitable for all types of businesses

5. Merchant Cash Advance

This type of a loan is against the future sales of the business, in exchange of a pre determined amount of lump sum working capital that is given to the business by the lender. The repayment of Merchant Cash Advance is always fixed, as a factor or a fixed percentage of the sales of the business. Since the factor does not change, so the business always knows what the repayment amount will be. The payments are generally made either daily or weekly through ACH or as a percentage of the daily credit card sales. The key features of this type of a credit facility are:

• The funding is between $5,000 – $300,000
• The rate of the factor is usually ranging from 1.07–1.5
• The repayment time can be between 4-24 months
• The funds can be used for a variety of purposes
• The business is able to monetize their future receivables
• A quick way of getting a loan with minimal paperwork

These types of loans are ideal for:

• Short term projects
• When a business requires quick access to cash flows
• Suitable for all types of businesses
• Can be used to meet daily working capital requirements

6. Commercial Estate Loans

This is a great product for small business owners. Most of the times, it is difficult to acquire a small business loan for business owners, let alone a large one for purchasing property. This is one of a kind which is not widely available and accessible to small business owners, unless they go to a traditional financial institution or a bank. This commercial real estate loan helps the business owners if they are looking for refinancing commercial real estate or to purchase it. This can help them to buy a brand new business or even aid with expansion to multiple locations. The key features of this type of a loan facility are:

• The funding is available from $250,000–$75 million
• The rate of interest may vary between 7%–15%
• Financing available for both short term and long term
• Real estate can be used as collateral for future loans

Business has access to additional funds without having to refinance the existing funding

This type of a loan is ideal for:

• Buying real estate
• Refinancing real estate

7. Invoice Factoring

This is yet another specialized form of lending that only a few institutions perform. This is basically borrowing money against your receivable payments are due to the business but have not yet been received. Through this invoice or accounts receivables financing, the business has the option to reinvest cash from their outstanding invoices to a lender who will give the business a percentage of the money that is owed to him. So the business will get the total amount without the fees of the lender. This type of lending is quite common in those sectors where there is a large time gap between getting payments. The key features of this type of lending are:

• The funding can be up to $250,000
• No rate of interest but a flat processing fees
• The factor fees depends upon how long it takes for the customer to pay the invoice
• It is a simple and quick way of getting funds
• Gives ability for the business to convert invoice into immediate cash

This type of financing is ideal for:

• Converting invoices into cash
• Cutting the time gap between payment and service delivery
• Giving ability to your business to grow
• For trucking, logistics and construction businesses

8. Start up loans

Another great product offered by the Business Backer. Not only are new companies or startup companies generally ignored or sidelined by the traditional lender or the big financial institutions and bank but most of the times, they are also ignored by the private lenders as well. Business backer however, even has a product for them. Starts up loans are for new businesses that are in the business for six months or less than that. They understand the need and the requirements for new businesses where they have absolutely no set up and nothing to fall back upon. Business backer provides such businesses start up loans that they need in order to get hold of the working capital to regenerate their business. The key features of this loan are:

• The funding can be up to $200,000
• The rate of interest can be between 12%–27%
• It is generally for 1 year revolving term
• It requires a high dollar revenue
• Helps fund to jumpstart new businesses
• There is no minimum time required to be in business

These types of loans are ideal for:

• Businesses that are ongoing for six months or longer
• Borrowers with a personal credit score of 700 plus

Conclusion

The business backer is a great lending option when the small business owners have nowhere to go to. Not only do they offer basic lending options such as working capital, short term and long term loans but also specialized offers such as loans for commercial real estate that many lenders do not offer small businesses. Having Business backer is a great idea for small business owners who now have someone who can lend to them and offer great financial advice in order to run their business smoothly. The businesses that have used the services of the Business backer had great stories to tell and were completely satisfied with their performance, their rates and their methods and majority of them were repeat customers.