American Express Business Blueprint Review
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Running a business is something that many of us have probably thought of, and some of us have gone forward actually to do it. Aside from start-up costs, small business owners need to be prepared to pay for inventory, overhead costs, and more. It can be difficult to come up with that money on your own, and that’s where small business loans come into play.
Fortunately, the American Express Business Blueprint can help ease the burden by funding small businesses when needed.
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What is American Express Business Blueprint?
Formerly known as Kabbage, American Express Business Blueprint is an online lender that offers small business loans to business owners that meet their requirements. The lender is known for its quick funding and easy application process. Kabbage was acquired by American Express in 2020 and became today's version in early 2023. This benefits existing American Express customers because you can use your Amex login information to apply for funding.
Use Quicken Loans to Get a Personal Loan
- If you're tight on cash right now, you may want to consider getting a personal loan. A personal loan is a loan that you can use for just about any purpose like: paying off other debt, renovating your home, or family needs like a wedding or adoption.
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How does Amex Business Blueprint work?
You can visit the website to apply for a small business loan with American Express Business Blueprint. On the home page, click on "Apply now." If you are already an American Express customer, you simply log in and will be taken to the business line of credit page.
If you are a new user, you need to create an account. You will be asked to provide your personal information, including your name, phone number, and email address. You can then create an ID and password.
After you’ve created an account, you can move on in the application process. You can review the minimum criteria for funding before you move further along. You can check the box and continue if you and your business meet the criteria. If your business does not meet the criteria, they cannot approve your application.
If you meet the criteria and continue with the application process, the next step is to provide your business name. American Express will also allow you to use your legal name if you are a sole proprietorship or independent contractor and do not have an LLC or other business entity.
Next, you’ll need to enter your business address. You can enter your home address if you do business outside your home. You’ll also need to provide the phone number for your business. Next, you’ll select the company structure that best describes your business.
It also needs to know the year that you started your business. If you’re an independent contractor or a sole proprietor, you can enter the month and year that you began earning money as such.
American Express also wants to know your business's industry. You can search for the industry or select an option from the dropdown menu.
Since you’re asking for funding, your annual revenue is an important piece of information for American Express to consider. You can estimate your annual revenue to the best of your ability. Next, you’ll need to enter your date of birth. You’ll also need to provide your social security number, so American Express can use it to verify your identity.
The next step is to link your business checking account(s) for your business transactions. They will review the information in your linked accounts to help determine whether they can approve your application. The accounts will also be used for an ongoing line of credit management. If the application is approved, there will be a hard inquiry on your credit report, and you must sign a personal guarantee.
Use Quicken Loans to Get a Personal Loan
- If you're tight on cash right now, you may want to consider getting a personal loan. A personal loan is a loan that you can use for just about any purpose like: paying off other debt, renovating your home, or family needs like a wedding or adoption.
- TrustPilot Rating 4.6 out of 5
- Connect with lenders for $0
- 100% online experience.
How much does American Express Business Blueprint cost?
With American Express Business Blueprint, there isn’t much to worry about fees. The company does not charge application or origination fees for its lines of credit, and there are also no annual fees, maintenance fees, or prepayment penalties.
That being said, borrowing money isn’t entirely free. American Express Business Blueprint's small business loans come with monthly fees. It’s important to remember that its monthly fees differ from annual percentage rates (APR), which most lenders use.
The monthly fees for American Express Business Blueprint loans can range between 3.00% to 9.00% (6-month loans), 6.00% to 18.00% (12-month loans), 9.00% to 27.00% (18-month loans), and 12% to 18.00% (24-month loans). It is calculated on your account’s outstanding balance, depending on the repayment term and other eligibility factors. However, the monthly fees are not calculated in the same way as APRs. If you convert the monthly fees to the typical APR structure, it will work out to an APR between 9% and 36%.
American Express Business Blueprint features
American Express Business Blueprint offers business lines of credit to small businesses needing funding help. Business lines of credit differ from what you think of as a traditional small business loan. You might think of it as being more similar to a company credit card. Once you’ve approved a line of credit, you can draw from it as needed. Then, you repay (and pay interest on) the borrowed amount.
The small business lines of credit are available in amounts that range from $2,000 to $250,000. When you apply for a line of credit, American Express Business Blueprint will use the information on your application to determine the loan amount that you are eligible for. When you borrow from your credit line, you must make monthly payments to pay off the balance. Repayment terms can be six months, 12 months, or 18 months.
American Express Business Blueprint organizes its small business loans into a few different categories:
Unsecured small business loans
American Express Business Blueprint offers unsecured small business loans that provide quick and straightforward access to funding. As an unsecured loan, borrowers don’t need to put up any personal collateral. This type of loan is typically a good option for small businesses facing a crisis and having little collateral. It can also be a good option for business owners with a blemished credit history or a lower credit score.
Some examples of unsecured small business loans include business lines of credit, working capital loans, and Small Business Administration (SBA) loans with or without a personal guarantee.
Secured small business loans
Secured small business loans require business owners to put up collateral as part of the loan agreement. These loans can help make lenders feel more at ease because they can claim the business’s assets or collateral if the loan is not repaid. Secured small business loans are only an option if you can supply collateral to back your loan.
Some examples of secured small business loans include equipment loans and merchant cash advances.
Industry-specific loans
Industry-specific small business loans can be a good option for small business owners looking to secure funding targeted at the business needs of their industry. These loans can help businesses establish themselves within their industry and provide flexible funding that accommodates different business types' needs.
American Express Business Blueprint offers industry-specific loans for retail businesses, restaurants, construction companies, medical professionals, beauty salons, and more.
Minority loans
American Express Business Blueprint offers these loans to ensure that minority business owners can access the funding they need. Minority business owners can also access programs dedicated to supporting minority-owned businesses, which are offered by organizations such as the SBA.
American Express Business Blueprint's minority loans are available to women- and veteran-owned businesses.
Who is American Express Business Business Blueprint best for?
Established small businesses
One of American Express Business Blueprint's minimum requirements to qualify for a small business loan is that the business has to have been in operation for at least one year. Unfortunately, businesses cannot use a small business loan to fund their startup costs.
Small businesses with reliable revenue
American Express Business Blueprint can be a great option for small businesses needing access to flexible funding. However, the relatively short repayment terms mean that small businesses need to have steady revenue to ensure that they can repay the loan on time. You must have at least $3,000 in average monthly revenue.
Small businesses that need a short-term loan
American Express Business Blueprint is a good fit for businesses needing short-term loans to help with cash flow issues during a slow season. You can use your revolving line of business credit as needed to help out when your business is in a pinch, as long as you can repay the balance on time.
Related: Best Business Lines of Credit.
Use Quicken Loans to Get a Personal Loan
- If you're tight on cash right now, you may want to consider getting a personal loan. A personal loan is a loan that you can use for just about any purpose like: paying off other debt, renovating your home, or family needs like a wedding or adoption.
- TrustPilot Rating 4.6 out of 5
- Connect with lenders for $0
- 100% online experience.
Who shouldn’t use American Express Business Business Blueprint?
People who need longer repayment terms
The repayment terms offered by American Express Business Blueprint are relatively short, especially compared to other small business loan options. The shorter repayment terms can mean higher monthly payments since you have to repay what you borrowed over a shorter period. This is something that should be taken into consideration when deciding whether American Express Business Blueprint is the right option for your business.
Businesses that need help with startup costs
Getting a business off the ground can be expensive. Unfortunately, American Express Business Blueprint is not a good option for business owners looking for a small business loan to help them get the business up and running. To qualify for a small business loan from American Express Business Blueprint, businesses must have been operating for at least one year.
Business owners with poor credit history
American Express Business Blueprint's eligibility requirements mean that not every small business is eligible for a loan. The minimum credit score requirement is 660, so business owners with a credit score lower than 660 will need to look elsewhere for funding.
Pros and cons
Pros
- AMEX's Business Blueprint small business loans allow approved borrowers to receive their funding quickly. When a loan is deposited in a business’s checking account, it can take up to 3 business days to process.
- AMEX's Business Blueprint offers a free mobile app that you can use to access funding.
- There are no application or origination fees to worry about when you apply for and accept loan offers from AMEX's Business Blueprint.
Cons
- AMEX's Business Blueprint's alternative fee structure can be confusing, especially if you’re used to traditional interest rates on loans.
- You can’t use a AMEX's Business Blueprint loan to cover startup costs for your business.
- AMEX's business loan requires a personal guarantee.
- Short repayment terms can make it difficult for small businesses to keep up with payments.
American Express Business Blueprint vs. competitors
Company | Loan Amount | Minimum Credit Score Requirement | Time to Get Funds Released |
American Express Business Blueprint | $2,000 to $250,000 | 660 | Up to 3 business days |
BlueVine | Up to $250,000 | 625 | Up to 3 business days |
PayPal | $5,000-$100,000 | 580 | As soon as the next business day |
BlueVine
BlueVine is similar to American Express Business Blueprint in providing business lines of credit to small businesses. Like American Express Business Blueprint, the application process is quick and can result in you getting a decision in minutes. BlueVine requires you to connect your business bank account or provide year-to-date bank statements as part of the application process.
The requirements to qualify for a BlueVine business loan are a bit looser than those of the American Express Business Blueprint. BlueVine will accept credit scores as low as 625 and only requires businesses to have been operating for 24+ months to qualify for a loan. Businesses must also have at least $40,000 in monthly revenue to qualify.
BlueVine does not charge monthly fees or prepayment penalties like American Express Business. It uses a traditional interest rate structure and offers lines of credit with rates starting at 6.2%. The downside of BlueVine is that it’s not available to as many businesses as American Express Business Blueprint is. BlueVine cannot provide lines of credit to businesses in Nevada, North Dakota, or South Dakota. The lender also requires businesses to be corporations or LLCs to qualify.
PayPal
PayPal offers business loans in all 50 states, including Washington, DC. Businesses meeting PayPal’s eligibility requirements can access business loans up to $500,000. To repay these loans, businesses can set up automatic weekly payments from their business bank account. Repayment terms typically range between 3 and 12 months.
PayPal also has other eligibility requirements for its business loans. Businesses must have been in operation for at least nine months at the time of their application and have a minimum annual revenue of $33,300 to qualify for a loan.
One of the benefits of getting a business loan from PayPal is that business owners with a lower credit score may be able to qualify. The loans also do not require businesses to collateralize a business loan. There are no prepayment penalties if you pay off the business loan early, but since PayPal charges a fixed loan fee, you can’t save money by paying off the loan early.
Use Quicken Loans to Get a Personal Loan
- If you're tight on cash right now, you may want to consider getting a personal loan. A personal loan is a loan that you can use for just about any purpose like: paying off other debt, renovating your home, or family needs like a wedding or adoption.
- TrustPilot Rating 4.6 out of 5
- Connect with lenders for $0
- 100% online experience.
FAQs
Where is American Express Business Blueprint available?
American Express Business Blueprint small business loans are available across all 50 states and U.S. territories.
Does American Express Business Blueprint offer PPP loans?
During the start of the COVID-19 pandemic, it provided support to nearly 300,000 small businesses through Paycheck Protection Program (PPP) loans. As of early 2023, AMEX Business Blueprint is no longer accepting applications for PPP loans.
What is an origination fee?
Origination fees are fees that some lenders charge when you take out a loan. The origination fee covers services such as processing and underwriting the loan. In most cases, origination fees are equal to between 0.5% and 1% of the loan amount. American Express Business Blueprint does not charge an origination fee for its business loans.
The bottom line
American Express Business Blueprint offers small business loans nationwide through business lines of credit. The lender makes the application process easy and can give you an answer on whether your application is approved within minutes of submission. Funding can also be in your bank account in a matter of days after you accept a loan offer.
As with any lender, there are pros and cons to consider when determining whether American Express Business Blueprint loans are right for you. Businesses must meet American Express Business Blueprint's eligibility requirements to qualify for a loan. These requirements include being in business for at least one year and having a minimum credit score of 660. Other lenders with similar loan products have more flexible requirements that may be a better fit for some businesses.
American Express Business Blueprint can be a great option for small businesses looking for access to borrow money when needed. Its revolving line of credit allows business owners only to borrow what they need when needed. There’s no need to apply for another loan later, as businesses can access the line of credit even after paying off the balance. American Express Business could be a great option if your business meets the requirements and is comfortable with the fee structure.
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Writer
Ashley Hart is a lead copywriter and digital marketing expert covering finance, law, real estate, music, entertainment, health and wellness.
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