Backd was founded in 2018 and is headquartered in Austin, Texas. They offer both working capital loans and business lines of credit to chiropractic businesses. Since their opening, they’ve funded over $1 billion to more than 10,000 small businesses, many of which have been turned down by traditional banks and lenders.
Backd working capital loans range from $10,000 to $2 million with terms up to 16 months. Payments are made daily, weekly, or semi-monthly. Backd business lines of credit range from $10,000 to $750,000 with unlimited terms. With a line of credit, you use the amount you need up to your credit limit, pay the funds back, and use them again if needed. Neither option requires collateral to qualify.
To receive funding from Backd, you must be in business for at least two years, have $200,000 or more in annual revenues, and 640 or higher FICO score. The higher your score, the more competitive your interest rate will be.