If you’re ready to apply for financing through Backd, the first step is to click “Apply Now!” You’ll then need to select which type of financing you need — a line of credit or a working capital loan.
Regardless of which one you choose, you’ll be asked to provide a range of how much you need. Next, select the reason or reasons why you need funds. Examples include payroll, renovations, and equipment. The next step is to provide the approximate annual revenue your business makes.
After that, it’s time to fill out your personal, business, and financial details. This part of the application process won’t affect your credit score. Once you officially submit your application, there may be a hard credit check, however.
Once Backd receives your application, they’ll review it and make a lending decision. If approved, you could receive funds within 48 hours.