{"id":83434,"date":"2024-10-21T22:00:11","date_gmt":"2024-10-22T05:00:11","guid":{"rendered":"https:\/\/financer.com\/?post_type=company_single&p=83434"},"modified":"2024-10-31T00:07:52","modified_gmt":"2024-10-31T07:07:52","slug":"blue-bridge-financial","status":"publish","type":"company_single","link":"https:\/\/financer.com\/company\/blue-bridge-financial\/","title":{"rendered":"Blue Bridge Financial"},"content":{"rendered":"\n

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.<\/p>\n\n\n\n

Founded in 2009, this independent equipment finance lender has already funded over 9,000 businesses with more than $600 million in loans<\/strong>, making them a significant player in the industry.<\/p>\n\n\n

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Key Takeaways:<\/h3>
    \n
  • Loan amounts up to $500,000 with terms up to 60 months<\/li>\n
  • Interest rates ranging from 5.99% to 25% for A-C credit profiles<\/li>\n
  • Minimum FICO score of 610 required (with some industry exceptions)<\/li>\n
  • Next-day funding possible after approval<\/li>\n
  • No age restrictions on equipment being financed<\/li>\n
  • Personal guarantee required in 98% of cases<\/li>\n<\/ul><\/div>\n\n\n

    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.<\/strong><\/p>\n\n\n\n

    However, they have specific state and industry restrictions, excluding operations in states like Alaska, Hawaii, and Vermont, and industries such as cannabis and cryptocurrency.<\/p>\n\n\n\n

    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.<\/p>\n\n\n\n

    Feature<\/th>Details<\/th><\/tr><\/thead>
    Loan Amounts<\/td>Up to $500,000<\/td><\/tr>
    Repayment Terms<\/td>Up to 60 months<\/td><\/tr>
    Application Process<\/td>One-page application<\/td><\/tr>
    Funding Speed<\/td>As fast as next day after approval<\/td><\/tr>
    Equipment Age Limit<\/td>No restrictions<\/td><\/tr>
    Industries Served<\/td>Construction, Manufacturing, Medical, Transportation, and more<\/td><\/tr>
    Credit Evaluation<\/td>Minimum FICO score of 610, with some industry exceptions<\/td><\/tr>
    Financing Options<\/td>EFA (Equipment Finance Agreement), Working Capital<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

    Pros & Cons of Blue Bridge Financial<\/h2>\n\n\n

      Pros<\/h3>

    • Specializes in essential-use equipment financing across multiple industries, ensuring industry-specific expertise.<\/p>\n<\/li>

    • No restrictions on the age of equipment being financed, allowing for both new and used equipment purchases.<\/p>\n<\/li>

    • Fast application process with decisions typically within 4 business hours, saving you valuable time when acquiring equipment.<\/p>\n<\/li>

    • Flexible financing options for a wide range of industries, giving you more choices for your business needs.<\/p>\n<\/li>

    • Next-day funding possible after approval, allowing you to act quickly on equipment purchases.<\/p>\n<\/li>

    • Personalized customer service, ensuring your specific needs are addressed throughout the financing process.<\/p>\n<\/li>

    • Deferred payment options available, helping you manage cash flow more effectively.<\/p>\n<\/li><\/ul><\/div>\n\n

        Cons<\/h3>

      • Personal guarantee required from business owners 98% of the time, potentially increasing your financial risk.<\/p>\n<\/li>

      • Some initial challenges reported with phone support, though overall customer service is satisfactory.<\/p>\n<\/li>

      • Specific industry and state restrictions apply, limiting options for some businesses.<\/p>\n<\/li>

      • Interest rates can be high, ranging from 5.99% to 25% for A-C Credit Profiles.<\/p>\n<\/li><\/ul><\/div>\n\n\n

        Who is Blue Bridge Financial for?<\/strong><\/h2>\n\n\n\n

        Blue Bridge Financial caters primarily to small and medium-sized business owners looking for equipment financing solutions across various industries.<\/p>\n\n\n\n

        Their flexible approach and financing options make them suitable for businesses in construction, manufacturing, medical, transportation, and other sectors requiring essential-use equipment.<\/p>\n\n\n\n

        They specifically target business owners with at least 51% ownership who can personally guarantee the loan.<\/p>\n\n\n

        <\/div>

        Requirements<\/h3>\n

        To be eligible for Blue Bridge Financial’s services, you must:<\/p>\n

          \n
        • Be a registered business entity<\/li>\n
        • Have a business bank account<\/li>\n
        • Provide basic financial information about your business<\/li>\n
        • Have a minimum FICO score of 610 (with some industry exceptions)<\/li>\n
        • Be willing to personally guarantee the loan (required 98% of the time)<\/li>\n<\/ul><\/div>\n\n\n

          Credit Evaluation Process<\/strong><\/h3>\n\n\n\n

          Blue Bridge Financial takes a holistic approach to credit evaluation, considering factors beyond just credit scores. Their process includes:<\/strong><\/p>\n\n\n\n

            \n
          1. Business Financial Health: <\/strong>They assess your business’s overall financial situation, including revenue, cash flow, and profitability.<\/li>\n\n\n\n
          2. Time in Business: <\/strong>The length of time your business has been operating is considered as part of your stability assessment.<\/li>\n\n\n\n
          3. Equipment Type and Value: <\/strong>The nature and value of the equipment being financed play a role in their decision-making process.<\/li>\n\n\n\n
          4. Industry Factors: <\/strong>They consider industry-specific trends and risks that may impact your business.<\/li>\n\n\n\n
          5. Personal Credit History:<\/strong> A minimum FICO score of 610 is generally required, with some exceptions for certain industries.<\/li>\n\n\n\n
          6. Collateral: <\/strong>The equipment being financed often serves as collateral, which can help offset credit risk.<\/li>\n<\/ol>\n\n\n
            <\/div>

            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.<\/p><\/div>\n\n\n

            Blue Bridge Financial is best for…<\/strong><\/h3>\n\n\n\n

            Blue Bridge Financial is best for small and medium-sized businesses in industries like construction, manufacturing, medical, and transportation<\/strong> that need quick access to equipment financing with flexible terms.<\/p>\n\n\n\n

            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.<\/p>\n\n\n\n

            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.<\/p>\n\n\n\n

            Blue Bridge Financial is not for you if…<\/strong><\/h3>\n\n\n\n

            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.<\/p>\n\n\n\n

            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.<\/p>\n\n\n\n

            How To Apply<\/h2>\n\n\n