In an ideal world, you'd never need to take out a loan for your business and you'd always have enough capital to invest into company operations and expansions. However, in the real world, many businesses, especially smaller businesses, need to borrow money when starting out or attempting to grow and expand. That's where business lenders like Bluevine come into play. This review will take a closer look at Bluevine and help you decide if this business lender is right for you.
Bluevine started off in 2013 and is based out of Redwood City, California. When compared to some of the older and more experienced business lenders, Bluevine doesn’t have quite as many years in business, but it has swiftly established itself as one of the best business lenders out there right now with its superior customer support, relaxed application process, small business-friendly attitude, and speedy funding times. On the downside, its products aren’t always available in every state and the terms and fees can get a little expensive sometimes when compared to other brands.
Here are some of the business loans you can potentially obtain when choosing Bluevine as your best lender:
Working Capital Loans – One of the most common forms of business loan, a working capital loan is essentially a short-term business loan in which the provider offers funds to cover all kinds of costs from paying bills to paying salaries, buying stock, or expanding your business into new office space.
Invoice Factoring – Popular with B2B businesses, Bluevine specializes in invoice factoring. This is when unpaid invoices are essentially sold off at a discount, with the lender paying off the invoices and then collecting the money from you later on. It’s basically a way for businesses to get their bills paid in advance and have a little extra time to raise the necessary funds.
Lines Of Credit – A line of credit is basically like a credit account for your business in which you can borrow as much as you need over the course of an extended period of time (6 months or 12 months, in the case of Bluevine) and you only have to pay back the money you actually use.
Here’s all you need to know about how Bluevine business loans work:
Loans – As stated above, Bluevine offers a range of different loan types. If you choose a standard term loan, you’ll be able to borrow from $5,000 to $250,000 for a period of 6 or 12 months, with interest rates starting at 4.8%. For a line of credit, you can borrow from $6,000 to $250,000 for 6 or 12 moths with interest rates ranging from 0.3% to 6.5% per month.
Applications – The different loan types with Bluevine have varying application requirements, but in general, the process is quite relaxed, with many businesses being approved, even with only a few months in business and credit scores of around 500-600.
Overall, Bluevine is a great choice for small businesses that are just starting out, especially B2B companies that can take advantage of this lender’s invoice factoring services. Applications are relaxed and easy, and you can receive the funds very quickly too.