Increased credit capacity to enable BlueVine to deliver much-needed capital to its 450,000 customers
BlueVine announced it has increased the size of its BlueVine Line of Credit warehouse debt facility with Atalaya by two new lenders, both advised by 20 Gates Management, and increasing the committed amount to $150M, with the ability to upsize the facility to $300M.
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Additionally, BlueVine announced it has restarted its Line of Credit forward flow program with multiple previous and new buyers, with the capacity to sell hundreds of millions in originations annually. These financing partnerships will enable BlueVine to further grow its Line of Credit lending product to advance its mission of supporting small and medium-sized businesses across the country, while further diversifying its funding sources with highly valued long-term partners.
“With a record number of more than 5 million small businesses formed in the U.S. in 2021, access to credit will be more important than ever,” said Robin Poore, Vice President of Capital Markets at BlueVine. “BlueVine relies on our strong financing partnerships to ensure we continue to have the meaningful capability to serve our small business clients and the growing small business community.”
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Access to flexible funds on demand can be a lifeline for small businesses during difficult times – according to SEC data, 89 percent of early-stage entrepreneurs rely on loans or lines of credit compared with other methods of raising capital. BlueVine is committed to providing even the smallest of small businesses with the credit and resources they need to grow and thrive.
The increased credit facility builds on BlueVine’s existing strong relationships with lenders; the funds also underscore BlueVine’s partners’ confidence in the company’s ability to underwrite and service small and medium businesses during economic recovery.
BlueVine provides small and medium-sized businesses with fast and simple access to financial services built with them in mind. BlueVine’s advanced online platform offers an intuitive, convenient solution designed to meet the banking and working capital needs of today’s business owners with a suite of products including BlueVine Business Checking, Payments, and Line of Credit. Based in Redwood City, California, BlueVine has served more than 450,000 small and medium-sized businesses and is backed by leading private and institutional investors, including Lightspeed Venture Partners, Menlo Ventures, 83North, Citi Ventures, ION Crossover Partners, SVB Capital, Nationwide Insurance, and M12 (Microsoft’s Venture Arm). Lines of credit are issued by Celtic Bank, a Utah-chartered Industrial Bank, Member FDIC. Banking Services provided by Coastal Community Bank, Member FDIC.
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