Your Annual Revenue. BlueVine Flex Line of Credit is issued by Celtic Bank, a Utah- chartered Industrial Bank, Member FDIC. BlueVine has a post-money valuation in the range of $500M to $1B as of Nov 19, 2019, according to PrivCo. You need $100,000 in annual revenue to qualify (compared to $120,000 a year with BlueVine). It has no monthly fees and rewards you with 0.6% interest on balances of up to $100,000. You need to pay back each draw with fixed monthly or weekly payments over six or 12 months. Best For: Fast and Easy Setup. Offering loans from $5,000 to $250,000, OnDeck may be a good option for business owners with small or medium financing needs. With flexible loan amounts up to $250,000 and simple invoice factoring options, the company is a viable alternative to traditional lenders. Bluevine Capital Inc. has 300 total employees across all of its locations and generates $72.82 million in sales (USD). Businesses must have a minimum annual revenue of $100,000 to be considered. OnDeck charges an origination fee of up to 5% of the loan amount. However, you should note that most banks have a time-consuming application process. Sep 2009 - Dec 20167 years 4 months. $120,000+ in annual revenue. Min. For Non-sole Proprietorships, you will need to provide your Tax ID or EIN. finder.com's rating: 4.5 / 5.0. Founded in 2013, BlueVine offers digital banking and financing to small and medium size businesses. It specifically specializes in . BlueVine's repayment term is 6 or 12 months, whereas Fundbox only gives you 12 or 24 weeks. 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. See insights on BlueVine including office locations, competitors, revenue, financials, executives, subsidiaries and more at Craft. BlueVine Business Checking offers no monthly, incoming wire, or NSF fees, dedicated live support, and lets eligible customers earn 1.2% interest on balances up to and including $100,000 BVSUP-00005 --that's 40x the national average. More information is available here.). Their latest funding was raised on Sep 9, 2020 from a Debt Financing round. BlueVine provides lines of credit and invoice factoring to small businesses that rely on liquid assets to drive early stages of growth. Instead, particularly for BlueVine's line of credit product, they focused on employer-based small businesses with median annual revenues between $700,000 and $1 million per year, which are . A lender or marketplace offering an easy business loan should provide you with a straightforward and rapid application and approval process, fast funding, and simple terms and qualifications requirements. Defining "payroll costs" for BlueVine Eligible Payroll Costs. Your Industry (Note: Certain industries are restricted. For the Bluevine line of credit, you will need a minimum personal credit score of 600, at least $100,000 in annual revenue, and six months of business history to qualify for a six-month line of credit. Lines of credit are available up to $250,000 and can be repaid in 6 or 12 months. BlueVine is a financial technology company that provides financing solutions to small businesses nationwide. $100,000 minimum annual revenue requirement; . 6+ months in business. The Military Lending Act (32 C.F.R. For the latter option, you'll need a credit score of at least 620, at least two years in business, and at least $450,000 in annual revenue. Businesses need an annual revenue of at least $100,000 and must have been in business for at least one full year to successfully secure a short term loan with OnDeck. Annual Income. You also need at least $120,000 in annual revenue. $120,000+ in annual revenue. Terms can range from 3 to 24 months with APRs starting at 35% (54.23% is the average rate). Company Description: Bluevine Capital Inc. is located in Redwood City, CA, United States and is part of the Activities Related to Credit Intermediation Industry. § 232) prohibits lenders from charging service members more than 36% APR on credit extended to covered borrowers. You can call customer support representatives at (888) 216-9619 on Monday through Friday from 8 a.m to 8 p.m. You must also own a B2B business that has been in operation for a minimum of three months and have at least $100,000 in annual revenue to receive funding through BlueVine. Minimum annual revenue: $120,000 Personal Credit Score: Minimum of 600 For a Flex6 line of credit, borrowers located in Maryland, Washington, DC, Nebraska and New York, borrowers must either be a Limited Liability Company (LLC) or a corporation; sole proprietorships and partnerships are not eligible for a BlueVine line of credit. Applicants with a credit score of at least 530 and up to 850 may be eligible for BlueVine Business Loan. The challenger bank released the beta version last October and quietly rolled out the account to the general public in July before announcing the move this week.. Only guess I could come up with was that I put a very conservative annual revenue projection since it's year one, so maybe they thought the account was too low value for them. 12-month line of credit: 620+ personal credit score. Six-month line of credit: 600+ personal credit score. Bank of the West. However, both variations carry the same requirements. BlueVine offers business owners two lending solutions: lines of credit and invoice factoring, also known as invoice financing. Flex 12, BlueVine's 12-month credit line, is for corporations and LLCs with: A minimum FICO score of 650; Over $500,000 in annual revenue BlueVine was founded in 2013 and is headquartered in Redwood City, California. BlueVine's line of credit can carry terms of six or twelve months. But compared to some other alternative lenders, BlueVine has a relatively high revenue requirement: it requires at least $10,000 per month or $120,000 a year. The BlueVine mobile app is available for both iOS and Android. BlueVine provides fast financing solutions for small businesses in need of working capital. Called their support number for more info to see if I could get more info. » Learn more about how these lenders compare in our BlueVine vs. Fundbox review . To qualify for a BlueVine Flex 6 or Flex 12 Line of Credit score, companies should generate a minimum of $10,000 in month-to-month income—or $120,000 yearly. To make that occur, we want to know what you bear in mind for your firm, your family and your self. Defining "payroll costs" for BlueVine Eligible Payroll Costs. To qualify for a line of credit, traditional banks often require at least two years of business history and $250,000 in annual revenue. The Company provides financing facilities for small businesses such as line of credit, term loan, and invoice factoring services. BlueVine is funded by 25 investors. Applications are subject to approval. BlueVine offers a six-month line of credit of $5,000 to $200,000, as well as a 12-month line of credit for businesses with at least two years in business and $450,000 in annual revenue. Best For Small Businesses With Limited Annual Revenue: eCapital; Best For Transparent Fees: BlueVine; 5 Best Factoring Companies. BlueVine ranks among today's top invoice factoring companies for their 10-minute application process and 24-hour funding speed. For a line of credit, you need a personal FICO credit score of at least 600 and a B2B business at least 6 months old with annual revenue of at least $120,000. BlueVine has 497 employees across 3 locations and $287.5 m in total funding,. BlueVine is an online lender that offers business lines of credit to small business owners. For a BlueVine line of credit, your business needs to be at least six months older, and you need a high personal credit score of 600. See insights on BlueVine including office locations, competitors, revenue, financials, executives, subsidiaries and more at Craft. BlueVine lines of credit are not available in Kansas, Nevada, North Dakota, South Dakota, Rhode Island, Tennessee, Vermont, or Virginia. (For reference, Fundbox and Kabbage require just $50,000 in annual revenue.) Applications are open until May 6, 2022. Before you apply for a BlueVine line of credit with BitX Funding, find out whether you meet the minimum qualifications. Personal guarantee required. To qualify for a line of credit with BlueVine, your business must be an LLC or corporation, have been in operation for at least 6 months (the minimum required by most . Approved customers who apply for a BlueVine Flex Line of Credit and draw $5,000 or more within 14 days of approval will receive a $100 Tango gift card. Moreover, potential debtors could not have had any bankruptcies inside one yr of making use of. This makes them a great choice for businesses that are looking for a fast, easy setup, so it could be ideal for the small business community. If you are a Sole Proprietorship, we will need to know whether or not your business is registered with the state. No explanation why. Eligible payroll costs for PPP include salary, wage, commission, or similar compensation.. We recommend using your 941 form, 940 or 944 form, 1120-S form, 1040 - Schedule C form, or payroll documentation to determine your compensation amount. Personal guarantee required. Annual Revenue: . A good first step to securing a business line of credit with a bank is to contact the bank you have an existing relationship with. BVSUP-00007. Invoice financing is available for up to $5 million. At least two years in business To speed up the application and onboarding process, BlueVine wanted a way to efficiently obtain detailed financial information about applicants for underwriting, while still providing a modern user experience and protecting their privacy. For small to medium purchase: OnDeck. Min. Tech are the most recent investors. BlueVine Business Checking is best for small business owners, contract workers and freelancers who want a free account with impressive perks. Signed up for bluevine and instantly got a prompt saying I was rejected. To qualify for a line of credit with BlueVine, your business must be an LLC or corporation, have been in operation for at least 6 months (the minimum required by most . Mobile App. Annual Revenue: . You need to provide your basic business information, including business name, address, EIN or SSN, annual revenue, entity type, and industry. The program also offers one-on-one consulting and technical assistance coaching sessions. BlueVine Flex Line of Credit is issued by Celtic Bank, a Utah- chartered Industrial Bank, Member FDIC. Approved customers who apply for a BlueVine Flex Line of Credit and draw $5,000 or more within 14 days of approval will receive a $100 Tango gift card. Borrowers must have a credit score of 500 or above to qualify through Fundbox. BlueVine's Flex Credit is available in 48 states, excluding North Dakota and South Dakota. $120,000 in annual revenue; BlueVine integrates with Quickbooks Online, Quickbooks desktop 2009 or later, Xero and Freshbooks. New: $25K Grants for Black-Owned Businesses in the Northeast BlueVine lines of credit are not available in Kansas, Nevada, North Dakota, South Dakota, Rhode Island, Tennessee, Vermont, or Virginia. If you're looking for a different type of financing for your business, you can apply to receive a line of credit or term loan of up to $250,000 through BlueVine. Armed with this information, we are ready to fastidiously coordinate your individual tax . Customers can submit as many or as few invoices as they wish for factoring. BlueVine offers lines of credit—called Flex6 or Flex12—for 6 months or 12 months, depending on what you qualify for. BlueVine customer service is available by phone and email. Visit Lending Club. Six-month line of credit: 600+ personal credit score. BlueVine's borrower requirements are also very easy to meet. BlueVine has 497 employees across 3 locations and $287.5 m in total funding,. Since BlueVine's inception in 2013, the founder and CEO - Eyal Lifshitz, has driven projects to help small businesses gain capital for their ventures. 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