BlueVine, an online provider of working capital financing to small businesses, announced on Thursday it was now offering “flex credit” for companies to obtain a revolving business line of credit.
According to BlueVine, flex credit offers companies a business line of credit between $5,000 and $30,000 with simple, transparent fees and pricing. Businesses’ available credit will be replenished as they repay their outstanding funds, allowing business to draw additional funds anytime, on-demand. New customers may get approved and receive funding in as little as 24 hours. Businesses repay in fixed weekly installments over six months.
Eyal Lifshitz, CEO and founder of BlueVine, revealed:
“We’re excited to bring the BlueVine experience of simplicity, ease of use and transparency to a new segment of the market. Since pioneering online invoice factoring, we’ve gained remarkable traction and are currently on track to fund more than $200 million in working capital in 2016. This platform expansion will continue to fuel that growth by allowing us to serve both B2B and B2C businesses. They can now draw funds from our fast and flexible line of credit whenever the need arises.”
BlueVine also announced it has appointed Google Capital’s Ana Sirbu to vice president of strategy and finance. Sirbu will oversee all financial management and growth strategy, including debt financing as the company continues to scale.
“I am thrilled to join BlueVine at this time of rapid expansion and product innovation. BlueVine has brought an intuitive technology platform, accessibility and transparency to an underserved small business market. I look forward to leveraging my talents and strengths in financing to propel this company to its next stage of growth.”