What is GetBackd?
GetBackd is an alternative lending company headquartered in Austin, Texas. Getbackd was created by two brothers after they discovered traditional financial institutions were not meeting the capital needs of small sized businesses. Traditional funding methods through banks and credit unions have inconvenient and drawn out lending processes that can take months. Even then, the approval rate is extremely low. GetBackd found a simple solution.
At GetBackd, you'll receive a financing solution that's tailored to your unique business needs. So whether your business needs Working Capital or Equipment Leasing, you'll always have a busines partner in GetBackd.
How does GetBackd work?
Here’s how Getbackd works: First, apply online in ten minutes with some basic information about your business. Once approved, you can review your buy rate, term for your cash advance and accept your offer. Afterward, funds will be transferred in 24-48 hours from the time your application is submitted. Simple as that.
Why should I choose GetBackd?
We want to make business lending as easy and transparent as possible. Along with some of the industry’s best rates, we also offer:
Accessibility: We generally approve applications the same day and we can as fast within 24 hours after your request.get you funds
Efficiency: Our online application takes just a few minutes. No, seriously!
Flexibility: Our terms are flexible. We offer a customized payment schedule depending on your solution and individual business needs.We also don’t place restrictions on the funds you recieve. Need to renovate? Or expand your inventory? You can use yuor funds for whatever you need.
Ready to apply? Fill out our online application and GetBackd!
What kind of financing solutions does GetBackd offer?
GetBackd offers a variety of financing solutions for small businesses. We currently offer financing solutions including Working Capital, Consolidation and Equipment Leasing. Businesses that we back use funding for different business purposes. These include:
Replenishing inventory Business Renovation/expansion Paying off existing debt Improving business credit Growing marketing efforts Purchasing new equipment/materials Operational capital
What is Working Capital?
Working Capital is money available to a company for day-to-day operations. Working Capital is a great alternative for small businesses to continue their daily operations despite an inability to cover operating expenses. Generally, a working capital injection requires no collateral, no down payment, has quick approval times and no limits to what your funds are used for. At GetBackd, we take it one step further by offering a discount if you were to settle your payments early.
How long does it take for my working capital injeciton to be approved?
Generally, GetBackd can provide feedback within minutes of receiving an application. However, we sometimes require additional documentation to support and application.
How long does it take to pay back my working capital injection?
The payback period of our advances range between 3 to 12 months. Business loans and advances secured through our broker network can have terms that are either longer or shorter depending on the needs of our clients.
What Can I use my Working Capital for?
Our business advances are unsecured and can be used for any business purpose, including working capital, stock purchases and business expansion.
What is Equipment Leasing?
Equipment leasing allows business owners to rent equipment from a vendor or leasing company for a specific period of time. When Equipment Leasing, you'll only be able to use the items while you're making payments. If you're looking for a more temporary solution, leasing your equipment might be the right fit.
How long does it take for my business cash advance to be approved?
Generally, GetBackd can provide feedback within minutes of receiving an application. Take note that sometimes we do require additional documentation to support an application.
What is Consolidation?
Consolidating business debt from multiple working capital providers is a way to streamline your debt repayment into a single monthly payment. GetBackd will pay off the other providers so you only make payments to one company.
What is Reverse Consolidation?
Reverse Consolidation is a solution for merchants who are struggling to manage frequent withdrawals occuring on a weekly basis. Reverse Consolidations provide business owners with weekly disbursements directly into their business account to make existing cash advance payments. This type of financial solution allows business owners to free up cash flow and end the cycle of taking out additional cash advances.
What is the application process like?
Pre-qualify in as little as 10 minutes without impacting your credit score. Simply provide basic information online and we'll let you know if you pre-qualify for your needed solution. tell us how you plan to use your funds and provide financial information about your business and its owners. Upload requested documents to complete your application. We'll review your financials to confirm your business has the cash flow to afford loan payments. Funds can then be in your bank account as fast as the same day your application is completed.
How do you determine my rate?
Your interest rate will be determined based on our proprietary underwriting process. Our underwriters consider factors including affordability, credit scores, and financial analysis.
What information do I need for the application?
In order for our underwriters to qualify your business for certain financing solution, we will need the following documents: Application and previous three months bank statements. Further documentation, such as your tax return and debt schedule, may be requested on a case by case basis.
How quickly can I get my funds?
Generally, funds can be deposited into your account within 24 hours.
Do you provide funding for startups or new ventures?
Unfortunately, we do not provide venture capital or personal loans for new ventures.
What are the basic requirements?
GetBackd offers a variety of financing solutions for your small business. To qualify for GetBackd financing, your business must meet the following requirements: Minimum 6 months in business Must be a "for-profit" business Minimum annual revenue of $300,000.00
Does GetBackd serve business in all 50 states?
At this time, we are unable to serve businesses in New Hampshire, Mississippi and Rhode Island.
What industries are eligible?
At this time, we are unable to serve non-profit organizations.
What security do I have to provide?
GetBackd advances are unsecured. Through our broker network, we can provide you with secured loans or asset backed finance.
How long does it take to payback my advance?
The payback period of our advances range between 3 to 12 months. Business loans and advances secured through our broker network can have terms that are either longer or shorter depending or the needs of our clients
What documents do I need to provide?
In order to approve an application, we only need three months bank statements and details of your business. Sometimes we do ask for additional supporting documentation after the initial pre-approval.
What type of businesses qualify for a business cash advance?
You should have an existing business that has been operational for more than 6 months. In addition, your sales should be more than $15,000 per month. Unfortunately, we do not provide venture capital or personal loans for new ventures.
What can I use my cash advance for?
Our business advances are unsecured and can be used for any business need, including working capital, stock purchases and expansion.