BlueVine is an online lending company which was established in 2013, which was started because the founder saw his father struggle with his finances. The company offers assistance to merchants in getting past hurdles regarding cash flow. They also offer invoice factoring. This is a kind of financing that involves B2B users to whom the unpaid invoice is sold at a discount. In case the user does not process invoices, BlueVine provides traditional lines of credit.
In order to be eligible for financial assistance from them, you should have eligible unpaid invoices. You need to have been in the business for at least 3 months prior to applying. Besides, the credit score has to be at a minimum of 530. Furthermore, business revenue per annum should be more than $100,000, and your company has to be based in the United States. BlueVine provides invoice factoring across all 50 states in the country. The typical time of funding lies between 2 and 7 days. The line of credit facility is not available in some states. For the invoice factoring facility, the credit size on offer is $20,000-$5,000,000. The advance rate on this is 85%-90% and the discount rate is 0.25%-1% per week.