Running a bakery requires ongoing, daily expenses in addition to updating machinery, renovating the space, or building a second location. All of these things add up, but luckily, there is funding available to meet your unique bakery needs. Backd was founded in 2018 and they tailor all of their loans to fit your specific business. No two businesses are alike; and no two loans should be, either.
Backd offers bakery businesses working capital loans up to $2 million and business lines of credit up to $750,000. Payments are flexible, and no collateral is required. If you’re looking to expand your bakery or fund a one-time project, a working capital loan should suit your needs. If, on the other hand, you are wanting to have extra funds at your disposal at any time, we recommend a business line of credit.
To qualify, you need to be in business at least one year, have $200,000 or more in annual revenue, have a 640 or higher FICO score, be in business for at least 2 years, be based in the U.S., and have a business checking account.