BlueVine

• Multiple Funding Options
• Straightforward Requirements
• Options for Startups
• Funds Available Quickly
• No Contracts or Prepayment Penalties

Multiple Funding Options

BlueVine offers a variety of funding products, giving business owners quick access to the type of working capital that will work best for them. BlueVine offers business lines of credit, term loans, and invoice factoring. Here is a highlight of each offered product:

Business Line of Credit

BlueVine's line of credit gives businesses access to funding whenever they need, up to their credit limit. With BlueVine's Flex Credit, it is unlike traditional cash flow loans or merchant cash advances. This financing option is revolving credit rather than a one-time lump sum. Business owners can pay off their outstanding funds, then additional funds will once again become available.

BlueVine's Flex Credit lines range from $5,000 to $250,000. Repayment terms can be fixed monthly or weekly payments over six or 12 months. Rates start at 4.8 percent with no closing fee, origination fee, or prepayment fee.

Businesses must have at least six months in operation, a personal credit score of 600 or more, and at least $100,000 in annual revenue to qualify for BlueVine's Flex Credit.

BlueVine's Flex Credit is available in 48 states, excluding North Dakota and South Dakota.

Term Loan 

BlueVine's term loan product provides 100 percent of the loan funds upfront and is best for large investments, cash flow management, or consolidation of existing debt into one payment.

A loan amount can range from $5,000 to $250,000. Repayment terms can be 26 or 52 weekly installments at a fixed interest rate. Rates start at 4.8 percent with no draw fees or origination fees. Borrowers may be eligible to renew their BlueVine term loan after 50 percent of the loan is paid off.

Businesses must have at least six months in operation, a personal credit score of 600 or more, and at least $100,000 in annual revenue to qualify for a BlueVine term loan.

BlueVine's term loans are available in 48 states, excluding North Dakota and South Dakota. 

Invoice Factoring

BlueVine's invoice factoring is meant to solve cash flow challenges by giving business owners funding for their outstanding invoices.

BlueVine offers factoring lines up to $5 million and provides 85 to 90 percent of the money upfront with rates as low as 0.25% per week. Once a business owner's sales increase, BlueVine will increase the credit limit.

Invoice factoring does not require long-term contracts, any minimum volume, or termination fees.

Businesses must have at least three months in operation, a personal credit score of 530 or more, and at least $10,000 in monthly revenue. 

PPP Loan

While the SBA stopped receiving applications for the Paycheck Protection Program (PPP) in August, BlueVine successfully assisted thousands of small business owners in obtaining a PPP loan during the eligibility period and offers advice for additional businesses that are hopeful the program will be extended.  

If you’ve already received a PPP loan or are considering how to apply for the program if it is extended, consider opening a new bank account (such as a business checking account) specifically for PPP-related expenses to make the process as seamless as possible. 

Straightforward Requirements

BlueVine only works with U.S.-based businesses and has a simple loan application process.

For a term loan, businesses must have a minimum FICO of 600 and $100,000 in annual revenue to qualify.

For a line of credit, businesses must have a minimum FICO of 600 and make at least $10,000 a month in revenue to qualify.

For BlueVine invoice factoring, the company can work with business owners who have less than perfect credit scores, as low as 530, and have $100,000 in annual revenue.

Good Option for Younger Companies

To qualify for a line of credit or a term loan, a company only must be in business for at least six months. For invoice factoring, BlueVine only requires three months in business.

The company does not charge origination or closing fees and does not have a minimum sales volume requirement for any of its loan products, making it a good resource for new small business ventures.

BlueVine's customers are also not required to sign a contract and there is no requirement to receive a specific number of invoice advances, meaning that small businesses in a cash flow crunch can use BlueVine's services for short-term financing or long-term loans as needed.

BlueVine's funding amounts are also convenient for younger companies looking for a wide range of options. Loan amounts range from $5,000 to $5 million. 

Funds Available Quickly

Businesses can sign up for a BlueVine account online in 10 minutes and get quick access to funding within the same day. If a business is applying for invoice factoring, they can easily connect their accounting software to BlueVine to sync their available unpaid invoices. BlueVine supports the following accounting software:  

• Freshbooks
• Xero
• QuickBooks

If companies do not use invoice financing or accounting software, they can upload invoices manually on their BlueVine dashboard.

BlueVine can make a decision on financing options for business ventures in as little as one business day.

With BlueVine’s wire option, businesses can receive cash in their bank account the same day.

BlueVine's lines of credit and term loans go up to $250,000, while its invoice factoring credit lines go up to $5 million.

Business owners can obtain custom quotes if their needs are different from the credit lines available.

No Contracts or Prepayment Penalties

Small businesses in a cash flow crunch can use BlueVine's business loan services for short-term financing or long-term financing as needed and can make payments back early without penalty.

• Fees
• Restrictions

Fees

BlueVine offers quick finance options for businesses struggling with cash flow problems, but for invoice factoring funding, borrowers only receive 85 to 90 percent upfront and must pay a one percent fee per week for the advance.

For example, for a $20,000 invoice advance for 12 weeks, BlueVine initially keeps $3,000 of the loan advance, $600 of which will be paid as a rebate to the business when its customer pays the invoice in full.

However, BlueVine's lines of credit and term loans do not require any hidden fees, prepayment penalties, or origination fees. 

Restrictions

Currently, BlueVine only offers products and business lending to clients with a FICO score over 530 and more than $10,000 a month in revenue. The company does not offer its line of credit, term loans, or invoice factoring to businesses outside of the United States.

BlueVine's line of credit and term loan is available in all states except North Dakota and South Dakota. However, BlueVine’s invoice factoring product is available in all 50 states.

Additionally, BlueVine does not appear to offer a merchant cash advance or SBA small business loan beyond the PPP loan at this time.