Backd has secured a $2 million senior debt facility from an established senior debt provider. Backd is a online lending business providing alternative funding to small businesses in retail, food and beverage sectors, as well as beauty industries.
“The $2 million backing allows us to continue supporting those small businesses who prefer individualised attention without the red tape and tedious application processes, associated with traditional lending institutions,” says Michail Myburgh, Backd’s Chief Technology Officer.
The $2 million support will significantly increase Backd’s capacity to fund more businesses. To date the company has funded over 2,000 businesses, which include many of America’s favourite household brands, extending funding of over $41 million, and supporting the creation of more than 9,400 jobs in the last four years.
“The importance of small businesses’ contribution to the US economy cannot be over emphasised. The success of the businesses we fund, many of whom come back to us for refinancing of their expansion, is testament to how this sector is contributing to job creation and poverty alleviation,” says Myburgh.