BlueVine doesn’t currently offer SBA loans. However, if you’re looking for capital in the meantime, Bluevine can help business owners with a line of credit or term loan. The quick application process is much faster than what’s required for an SBA loan, and approval is easier, too.
Furthermore, how do I get approved for a PPP loan?
How to Complete Your PPP Loan Application
- Step 1: Access your PPP Application. …
- Step 2: Add or Confirm Existing Business Information. …
- Step 3: Add New Requirements for Business Information. …
- Step 4: Enter or Confirm Ownership. …
- Step 5: Enter or Confirm Additional Owner Info. …
- Step 6: Upload or Confirm Documents.
In this manner, how long does it take to get approved for PPP loan BlueVine?
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.
Is BlueVine a grant or loan?
Online lender BlueVine offers small-business owners multiple loan options to address short-term financing needs. BlueVine’s business line of credit or invoice factoring may be right for your business if you: Need cash fast: Funding times for BlueVine’s products range from 12 to 24 hours.
BlueVine is an official direct non-bank lender for the government-backed SBA Paycheck Protection Program. … Get started with a fast and secure online PPP loan application.
We wanted to share the exciting news that we’ve been approved by the SBA and Treasury as a direct non-bank lender for the Paycheck Protection Program (PPP). … BlueVine’s PPP loan application is fast, convenient and will be available to all backgrounds and businesses, even if they haven’t worked with BlueVine before.
BlueVine will facilitate PPP loan forgiveness for the majority of the PPP loans we originated. If applicable, BlueVine will contact you once it’s time to apply for forgiveness with ample time to complete your application before your repayment date.
It’s definitely not too late. As soon as the bank or SBA receives the loan forgiveness application the PPP loan goes back into deferral status.
As BlueVine is not a bank, its banking services are provided by The Bancorp Bank, and all accounts are insured by the Federal Deposit Insurance Corp. up to $250,000. You can apply for and open a BlueVine business checking account entirely online.
Bank loan average minimum requirements:
- 2+ years in business.
- $250,000+ in annual revenue.
- 700+ personal credit score.
- Sometimes collateral required.