During the COVID-19 outbreak, the Paycheck Protection Program (PPP) offers small businesses a forgivable loan to meet wages and other expenditures. For PPP loans, many companies have turned to internet lenders like BlueVine, however it’s unclear if BlueVine runs credit checks on PPP loan applications.
BlueVine does verify credit for PPP applicants, is the answer. Credit checks are not required for PPP loans by the Small Business Administration (SBA), but individual lenders are free to impose their own standards. BlueVine has said that while it does run credit checks, it also considers other things like the applicant’s business background and cash flow.
It’s crucial to remember that a BlueVine credit check does not automatically rule out an application from receiving a PPP loan. According to BlueVine, while analyzing loan applications, credit score is just one of many aspects that the company takes into account. In fact, BlueVine has authorized numerous PPP loans for companies with subpar credit ratings.
Yes, BlueVine is a PPP loan provider that the SBA has approved. This indicates that the SBA has given BlueVine permission to handle and distribute PPP loans to small enterprises. Being an SBA-approved lender guarantees that BlueVine complies with all SBA requirements for PPP loans and that it can offer businesses the support they require during the loan application process.
PPP loans are only one of the small business financing alternatives that BlueVine provides, along with lines of credit, term loans, and invoice factoring. Although the eligibility criteria and application procedures for various products may vary, BlueVine’s approval by the SBA as a lender proves its dedication to helping small businesses.
In summary, BlueVine does check credit for PPP applicants, but credit score is only one of several variables it takes into account when analyzing loan applications. The fact that BlueVine is an SBA-approved lender for PPP loans, in addition to adhering to all SBA regulations for PPP loans, means that it is able to offer businesses the help they want during the loan application process. For their PPP funding requirements, small businesses may turn to BlueVine with confidence.