Established in 2013, BlueVine has delivered more than $9 billion in financing to more than 200,000 customers. The entrepreneurial lender focuses on small businesses, offering business lines of credit up to $250,000 and invoice factoring with credit lines up to $5 million. BlueVine also offers an online vendor and bill payments program and business checking account. The lender serves borrowers across the country and has three brick-and-mortar locations in Redwood City, California; Gretna, Louisiana; and Jersey City, New Jersey.
- Invoice factoring credit lines as large as $5 million
- Disbursement usually within 24 hours
- Flexible business lines of credit for small- to medium-sized businesses with lines up to $250,000
- BlueVine may require a general lien on business assets and a personal guarantee.
- Brand-new startup businesses are not accepted.
You can use BlueVine for business loans and financial services, including:
- Invoice factoring
- Business lines of credit
- Payment program
- Business checking
Invoice factoring ranges from as little as $5,000 to as much as $5 million, with terms from one to 12 weeks. Lines of credit are available for up to $250,000. BlueVine does not charge origination fees for term loans or prepayment penalties for lines of credit. There is flexibility in how much you can draw. For instance, the first draw can be between $5,000 and an amount less than or equal to your available credit. Additional draws can be between $500 and an amount less than or equal to your available credit.
Qualifying for invoice factoring with BlueVine requires at least three months in business, with a minimum monthly revenue of $10,000 and a minimum personal FICO credit score of 530. You’ll have to provide BlueVine with a personal guarantee, and the lender may require a general lien on business assets.
BlueVine offers approvals in as little as five minutes, and funds can be available within a few hours of approval. You can choose free ACH transfer, and funds will usually arrive the next business day, but it can take up to three days. A bank wire costs $15 and funds the same day.
BlueVine typically looks for personal credit scores higher than 530 for invoice factoring and more than 650 for business lines of credit.
BlueVine has an A+ rating with the Better Business Bureau. BlueVine has a “excellent” rating with TrustPilot.
You can apply online for a BlueVine business loan, and the process only takes a few minutes. The lender will ask you for general information about your business, including your address and tax ID number. You’ll also have to provide some personal information, such as your Social Security number. Expect to give BlueVine your three most-recent months of bank statements. The lender assures that all information is encrypted and transmitted safely.
BlueVine expanded its services in 2020 to offer Business Checking, which includes earning 1.0% interest on your account balance up to $100,000. There are no minimum deposit or balance fees and no monthly service fees.
BlueVine Payments is a bill-paying service that gives users a way to pay vendors either by bank account or credit card, even if the vendor does not accept cards. BlueVine charges a 2.9% fee for credit card charges, and ACH payments are free.
- Businesses that want access to funds quickly
- Borrowers that want a single source for a business line of credit, invoice factoring, checking account and payments program
- Borrowers with at least a 530 credit score
Q: How do BlueVine business lines of credit work?
A: Business owners with at least $30,000 in monthly revenue and a minimum credit score of 650 can apply online in minutes and get approval for a BlueVine business line of credit of up to $250,000. BlueVine will fund loans in about 24 hours. To get a BlueVine loan, you’ll provide some business information including your tax ID information, along with a personal guarantee. Sometimes, BlueVine will require a general lien on business assets. BlueVine is for small- to medium-sized businesses and does not accept startups. Rates are as low as 4.8%.
Q: How does BlueVine invoice factoring work?
A: Business owners with at least $10,000 in monthly revenue and a minimum credit score of 530 can apply online and get approval for BlueVine invoice factoring, which gives advances for outstanding invoices. Rates are as low as 0.25% per week.
Q: Is BlueVine legitimate?
A: BlueVine has an A+ rating with the Better Business Bureau and a “great” rating with TrustPilot.
Q: Is BlueVine an approved Small Business Administration lender?
A: Yes. BlueVine participated in the SBA Coronavirus Assistance Program and helped facilitate the application process and funding of thousands of COVID-19 Payroll Protection Program small business relief loans.
Q: How do you get approved for BlueVine?
A: For a business line of credit from BlueVine, you need at least a 650 personal FICO score, two or more years in business and at least $30,000 in monthly revenue. For invoice factoring, BlueVine expects a minimum 530 FICO score.
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