Since Backd offers two types of funding solutions for businesses, the terms and requirements vary slightly based on the one you choose. However, the requirements are not as strict as you might expect with traditional lenders.
If you want a working capital loan, you’ll need the following:
- At least 1 year in business
- $100,000 minimum annual revenue
- Active business bank account
- U.S. based business in specific industries
If you’re looking for a line of credit, here’s what you’ll need:
- At least 1 year in business
- 600 FICO score
- $300,000 minimum annual revenue
- Business bank account
- U.S. based business in specific industries
Backd offers revenue-based financing and flexible repayment terms. Their line of credit does not expire, but you will need to make weekly payments over six to 12 months on the borrowed funds (plus interest). The working capital loan has a maximum term length of 16 months.