Last reviewed by:
Lindsay VanSomeren
December 19, 2022
Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been previewed, commissioned or otherwise endorsed by any of our network partners.
| Pros | Cons |
|---|---|
Available nationwide May offer special deals for Texas-based lenders May offer commissions and bonuses based on how many merchant cash advances you sell Does not perform hard credit checks on your customers | Clunky, uninformative website Only offers merchant cash advances Doesn't offer merchant cash advances directly to businesses |
Table of contents
Accord Business Funding appears to mainly offer business funding to other lenders that then offer direct financing for small businesses. But if you’re in need of a merchant cash advance yourself, you could try contacting them to see if they’d work directly with you, or at least refer you to one of their lenders. If your business is small business lending, you may want to consider Accord Business Funding as a source of funds, especially if you’re located in Texas and prefer to work with an incentive-driven model.
Who is Accord Business Funding for?
| Product | Funding amounts | Repayment term | Estimated APR range | Fees |
|---|---|---|---|---|
| Merchant cash advance (MCA) | $5,000-$150,000 | Not disclosed | Not disclosed | Not disclosed |
A merchant cash advance or MCA is a type of business financing that enables businesses to receive a lump sum of cash upfront in exchange for a portion of future earnings, usually deducted from daily credit card sales. Accord Business Funding serves as the behind-the-scenes support between you — a small business lender — and your customers, which are other small businesses. Accord Business Funding provides the underwriting and the funding for the MCAs that you make.
It’s unclear from the website whether you, the lender, are able to set your own terms for the merchant cash advances or if Accord Business Funding sets the pricing. Either way, Accord Business Funding may offer numerous different profit incentives, such as 100% commission on your customer’s MCA renewals.
Accord Business Funding doesn’t provide much information about which types of small business lenders will qualify for a partnership. Additionally, it’s difficult to judge how easy Accord Business Funding is to work with since there is very little information online. The Better Business Bureau (BBB) has no complaints or reviews on the company. On Trustpilot, Accord Business Funding has a rating of 4.6 out of 5 stars, based on 29 reviews (24 of which were made by people who’ve never submitted a review of any other company before).
| Accord Business Funding | Commercial Fleet Financing | Credibly | |
|---|---|---|---|
| Minimum credit score | N/A | 640 | N/A |
| Loan products offered |
|
|
|
| Time to funding | N/A | Next day | 48 hours |
| Starting interest rates | N/A Undisclosed factor rate | Not disclosed | 5.00% |
| Maximum loan size | $150,000 | $10,000-$1,000,000 | $400,000 |
| Minimum revenue | N/A | N/A | $15,000 per month |
If you’d still prefer to do business with a Texas-focused lender but need help instead with financing the equipment you need for your business, consider the aptly-named Commercial Fleet Financing. It offers loans and leases for business equipment, and also a unique product: a line of credit for when you go to auctions. Make sure to do your due diligence when researching financing companies, since — like Accord Business Funding — Commercial Fleet Financing offers very few details about how much the financing costs before you apply.
If having a lot of transparency before you apply, and being able to use the funds for your own business (as opposed to lending the money to others) is important to you, consider Credibly. It also offers working capital loans, business expansion loans and lines of credit, and SBA loans. It’s also far more upfront about pricing and features than Accord Business Funding. For example, Credibly lets you know upfront that in order to get a working capital loan, you can expect factor rates starting from 1.09%.
