AmEx Business Blueprint

4/5 stars

Flexible funding with a streamlined application process and monthly fees instead of an interest rate

Pros

Flexible Access to Capital: Businesses can draw funds as needed and only pay fees on the amount used.
No Additional Fees: No application fees, origination fees, prepayment penalties, or draw fees, making it cost-effective.
Streamlined Application Process: Quick online application process using linked business accounts for eligibility evaluation.
No Collateral Required: Unlike some other lenders, AmEx does not require collateral for the line of credit.

Cons

Limited Loan Options: AmEx only offers a line of credit, so businesses looking for term loans, SBA loans, or other forms of financing will need to look elsewhere.
Complex Fee Structure: The monthly fee structure, as opposed to traditional interest rates, can be confusing and harder to compare with other lenders.
High Fees for Lower Credit Scores: While the lowest fee equivalent APRs start at 3%, they can go up to 35.99% for businesses with lower creditworthiness.

The Bottom Line

Businesses already using American Express will find this a great option for short-term capital needs.

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Loan Types

Business Lines of Credit

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Loan Amounts: $2,000 to $250,000 (initial lines over $150,000 are only available to select borrowers with a pre-existing relationship).
Terms: 6, 12, 18, or 24 months.
Interest Rates: Instead of traditional interest rates, AmEx charges monthly fees ranging from:
- 3% to 9% for 6-month terms.
- 6% to 18% for 12-month terms.
- 9% to 27% for 18-month terms.
- 12% to 18% for 24-month terms.
Repayment: Monthly payments based on the amount drawn. No fees are charged until you draw funds, and you only pay for the outstanding balance.

Pricing information is retrieved from publicly accessible pricing materials. The actual cost may vary based on specific plans chosen. Always check directly with the seller for the final quote.

Pricing information last updated March 7, 2024.

Qualifications

Minimum Credit Score: 660
Business Age: At least 1 year in operation
Monthly Revenue: Minimum of $3,000 in average monthly revenue
Other Requirements: Must have a business checking account and provide basic business information such as Tax ID (EIN), industry type, and annual gross revenue estimates

Application Process

Applying for a business line of credit from AmEx Business Blueprint is free and fully online. AmEx will ask for some basic information about you and your business to assess your financial health. To speed up the process, you can link your business accounts (like a business checking account, PayPal, Quickbooks, etc.) to provide fast insights. Note that when determining eligibility, AmEx will perform a hard pull on your credit during this process.

Make sure you have the following documents:

Business Tax ID (EIN)
Your Social Security number and personal details for verification
Estimated annual gross revenue and information about your business’s industry

Approval can be granted within minutes if all your information is verified automatically. In some cases, if additional verification is required, it can take 3-7 business days. Once approved, funds can typically be accessed within 1-3 business days

Product Review

American Express Business Blueprint (formerly Kabbage) offers small business financing in the form of a business line of credit ranging from $2,000 to $250,000. The program is designed to provide flexible funding for businesses needing to manage cash flow, cover short-term expenses, or take advantage of growth opportunities.

Some of its key features include:

Integration with Business Accounts: The application process involves linking business accounts such as PayPal or bookkeeping software, allowing AmEx to assess financial health quickly.
No Prepayment Penalty: Businesses can pay off the balance early without incurring additional fees, saving on overall costs.
Fast Funding: Approved funds can be available within one to three business days, making it suitable for urgent cash flow needs.

Best for: Businesses with Short-Term Capital Needs

American Express Business Blueprint stands out for its integration with business accounts and flexible access to capital without additional fees beyond the monthly cost. It is ideal for businesses that have short-term capital needs, like seasonal businesses. The flexibility allows businesses to manage cash flow gaps, cover operating expenses, or respond to unexpected costs. With the ability to draw funds as needed and only pay fees for the amount borrowed, it helps maintain liquidity without taking on more debt than necessary.

However, it is important to note that because the fee structure is different than traditional loans, this product may not be right for everyone. Instead of interest rates, you pay a monthly fee that is a percentage of the amount you’ve borrowed each month. The percentage is fixed, but once you take out the money, you will owe the same amount in fees regardless of how quickly you pay back the principal.

Overall, AmEx Business Blueprint excels in its seamless online application process and its fee-only structure, but its fees can add up for longer terms. It’s a great option of short-term non-dilutive funding that doesn’t require any collateral.