Blue Bridge Financial Review 2024
In the competitive world of small business equipment financing, Blue Bridge Financial stands out as a specialized lender catering to businesses that need quick access to funds for essential-use equipment.
Founded in 2009, this independent equipment finance lender has already funded over 9,000 businesses with more than $600 million in loans, making them a significant player in the industry.
Key Takeaways:
- Loan amounts up to $500,000 with terms up to 60 months
- Interest rates ranging from 5.99% to 25% for A-C credit profiles
- Minimum FICO score of 610 required (with some industry exceptions)
- Next-day funding possible after approval
- No age restrictions on equipment being financed
- Personal guarantee required in 98% of cases
Blue Bridge Financial offers Equipment Finance Agreements (EFAs) and working capital loans, primarily serving industries like construction, manufacturing, medical, and transportation. Their standout feature is speed, with applications reviewed within 4 business hours and potential next-day funding.
However, they have specific state and industry restrictions, excluding operations in states like Alaska, Hawaii, and Vermont, and industries such as cannabis and cryptocurrency.
This review will examine Blue Bridge Financial’s offerings, process, costs, and customer service, comparing them to market alternatives. Whether you’re an established business owner or just starting out, we’ll help you determine if Blue Bridge Financial is the right choice for your equipment financing needs.
| Feature | Details |
|---|---|
| Loan Amounts | Up to $500,000 |
| Repayment Terms | Up to 60 months |
| Application Process | One-page application |
| Funding Speed | As fast as next day after approval |
| Equipment Age Limit | No restrictions |
| Industries Served | Construction, Manufacturing, Medical, Transportation, and more |
| Credit Evaluation | Minimum FICO score of 610, with some industry exceptions |
| Financing Options | EFA (Equipment Finance Agreement), Working Capital |
Pros & Cons of Blue Bridge Financial
Specializes in essential-use equipment financing across multiple industries, ensuring industry-specific expertise.
No restrictions on the age of equipment being financed, allowing for both new and used equipment purchases.
Fast application process with decisions typically within 4 business hours, saving you valuable time when acquiring equipment.
Flexible financing options for a wide range of industries, giving you more choices for your business needs.
Next-day funding possible after approval, allowing you to act quickly on equipment purchases.
Personalized customer service, ensuring your specific needs are addressed throughout the financing process.
Deferred payment options available, helping you manage cash flow more effectively.
Pros
Personal guarantee required from business owners 98% of the time, potentially increasing your financial risk.
Some initial challenges reported with phone support, though overall customer service is satisfactory.
Specific industry and state restrictions apply, limiting options for some businesses.
Interest rates can be high, ranging from 5.99% to 25% for A-C Credit Profiles.
Cons
Who is Blue Bridge Financial for?
Blue Bridge Financial caters primarily to small and medium-sized business owners looking for equipment financing solutions across various industries.
Their flexible approach and financing options make them suitable for businesses in construction, manufacturing, medical, transportation, and other sectors requiring essential-use equipment.
They specifically target business owners with at least 51% ownership who can personally guarantee the loan.
Requirements
To be eligible for Blue Bridge Financial’s services, you must:
- Be a registered business entity
- Have a business bank account
- Provide basic financial information about your business
- Have a minimum FICO score of 610 (with some industry exceptions)
- Be willing to personally guarantee the loan (required 98% of the time)
Credit Evaluation Process
Blue Bridge Financial takes a holistic approach to credit evaluation, considering factors beyond just credit scores. Their process includes:
- Business Financial Health: They assess your business’s overall financial situation, including revenue, cash flow, and profitability.
- Time in Business: The length of time your business has been operating is considered as part of your stability assessment.
- Equipment Type and Value: The nature and value of the equipment being financed play a role in their decision-making process.
- Industry Factors: They consider industry-specific trends and risks that may impact your business.
- Personal Credit History: A minimum FICO score of 610 is generally required, with some exceptions for certain industries.
- Collateral: The equipment being financed often serves as collateral, which can help offset credit risk.
This approach allows Blue Bridge Financial to work with businesses that might not meet the strict criteria of traditional lenders, making them an excellent option for businesses with less-than-perfect credit or unique financial situations.
Blue Bridge Financial is best for…
Blue Bridge Financial is best for small and medium-sized businesses in industries like construction, manufacturing, medical, and transportation that need quick access to equipment financing with flexible terms.
It’s particularly suitable for companies that may not meet the strict criteria of traditional lenders or those that require fast funding to capitalize on time-sensitive opportunities.
Their willingness to finance both new and used equipment, with no restrictions on equipment age, also makes them an excellent choice for businesses looking to optimize their budget by considering pre-owned equipment options.
Blue Bridge Financial is not for you if…
Blue Bridge Financial may not be the best fit if you’re a very large corporation with complex financing needs that exceed their $500,000 limit.
Additionally, if you’re uncomfortable with providing a personal guarantee or if your business operates in restricted industries or states (such as Alaska, DC, Hawaii, Nevada, North Dakota, Rhode Island, South Dakota, Vermont, or industries like cannabis, cryptocurrency, and gambling), you’ll need to explore other financing options.
How To Apply
Visit the Blue Bridge Financial website and locate their online application form.
Fill out the one-page application with your business details and financing needs.
Submit the application along with any required supporting documents.
Wait for the initial review, which typically occurs within 4 business hours.
If approved, review the terms and conditions offered by Blue Bridge Financial.
Accept the offer and complete any additional paperwork if required.
Receive your funding, potentially as soon as the next business day.
Consider this before applying
Before applying, ensure you have a clear understanding of your equipment needs and how the financing will impact your business’s cash flow.
Be prepared to provide detailed information about your business finances and personal financial information for the required personal guarantee. Also, check that your business doesn’t fall under their restricted industries or states.
Blue Bridge Financial Costs
Blue Bridge Financial’s costs can vary depending on several factors, including your creditworthiness, the type and age of equipment being financed, and the chosen repayment term.
Here’s a general overview of their cost structure:
| Cost Type | Details |
|---|---|
| Interest Rates | 5.99% – 25% for A-C Credit Profiles |
| Origination Fees | May apply, amount not specified |
| Prepayment Penalties | Not explicitly mentioned |
| Late Payment Fees | May apply, amount not specified |
It’s important to note that Blue Bridge Financial focuses on providing tailored solutions, so the exact costs can vary significantly from one borrower to another.
They emphasize transparency in their process, so be sure to ask for a detailed breakdown of all costs associated with your specific financing offer.
Frequently Asked Questions About Blue Bridge Financial
Is Blue Bridge Financial legit?
Yes, Blue Bridge Financial is a legitimate equipment financing company. They have been in operation since 2009 and have funded over 9000 businesses with over $600MM in loans.
What types of equipment can I finance with Blue Bridge Financial?
Blue Bridge Financial offers financing for a wide range of essential-use equipment across various industries. However, they do have restrictions on certain types of equipment, including advertising programs, consumer rental automobiles, decompression tables, gas pumps and awnings, hazardous waste equipment, inflatables, irrigation systems, kiosks, prefabricated buildings, servers, software, solar panels, spray tanning booths, trains, vending machines, water coolers, and water filtration units.
How long does the application process take?
The initial application process is quick, with Blue Bridge Financial typically reviewing applications within 4 business hours. If approved, funding can be available as soon as the same day after approval, making it one of the faster options in the equipment financing market.
Does Blue Bridge Financial require a personal guarantee?
Yes, Blue Bridge Financial requires a personal guarantee from business owners 98% of the time. They typically require 51% ownership to personally guarantee the loan.
What if I have less-than-perfect credit?
Blue Bridge Financial has a minimum FICO score requirement of 610, with some exceptions for certain industries. They take a holistic approach to credit evaluation, considering factors beyond just credit scores. This approach can be beneficial for businesses with less-than-perfect credit histories, as long as they meet the minimum requirements.
Is Blue Bridge Financial Right for You?
Blue Bridge Financial stands out in the equipment financing market with its fast application process, flexible terms, and personalized approach to customer service.
Their willingness to finance both new and used equipment without age restrictions, combined with their quick funding capabilities (potentially next-day after approval), makes them an attractive option for small and medium-sized businesses needing to acquire equipment efficiently.
Blue Bridge Financial’s strength lies in its ability to tailor solutions to individual business needs, which can be particularly valuable for companies that may not fit the strict criteria of traditional lenders. Their focus on Equipment Finance Agreements (EFAs) and working capital loans provides flexibility for various business situations.
If you’re a small or medium-sized business owner looking for a responsive and flexible equipment financing partner, and you meet their basic criteria, Blue Bridge Financial is worth considering. Their approach to finding feasible solutions for a wide range of credit profiles could open doors for businesses that might struggle with more rigid lending criteria elsewhere.
However, it’s crucial to carefully review their offers, considering the total cost of financing, and compare with alternatives. While their speed and flexibility are advantageous, the potential for higher interest rates means you should ensure the terms align with your business’s financial capabilities and growth plans.
