Two new lenders, both advised by 20 Gates Management, increased the size of BlueVine‘s line of credit warehouse debt facility with Atalaya, increasing the committed amount to $150 million, with the ability to upsize the facility to $300 million.
Additionally, BlueVine 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 five million small businesses formed in the U.S. in 2021, access to credit will be more important than ever,” Robin Poore, vice president of capital markets at BlueVine, said. “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.”
Access to flexible funds on demand can be a lifeline for small businesses during difficult times – according to SEC data, 89% 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.
