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Banks Finding More Ways to Say "Yes" to Customers

Independent Banker

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Today’s community banks and small-business owners have weathered a stormy economy. Now that overall conditions have improved, confidence is greater and business owners are focused on growth. Their timely access to capital is vital. To take advantage of an unexpected opportunity, cover short-term cash flow needs, expand facilities, buy inventory or support the rapid growth in accounts receivable, businesses look to their community banker for assistance. However, if they can’t meet the bank’s credit guidelines, neither group faces a particularly satisfying outcome.

RapidAdvance offers an innovative solution to this dilemma, helping banks meet the needs of their customers while establishing or enhancing customer relationships that represent current and future revenue potential. Innovative Financing That Fills The Gap for Banks. RapidAdvance is a leading source of unsecured credit for small-business owners. Providing funding in all 50 states, the company has extended more than $500 million to tens of thousands of business owners since 2005. According to Jeremy Brown, CEO, the RapidAction Program for Community Banks was created as a win-win alternative for bankers and business owners. The banks refer borrowers to the company, which makes approval decisions within 48 hours. Borrowers can receive up to $300,000 in as little as seven days and all funds are subordinated to the bank or other financing. RapidAdvance directly funds all credits and is backed by a large money center bank. “We help fill in the funding gaps for community banks,” Brown explains. “Our role is to quickly provide working capital to their customers now so that the bank can graduate them into traditional products once they are positioned to meet the requirements. In the meantime, the bank has the opportunity to earn non-interest fee income through the RapidAction Program.”

A Variety of Options

The bank’s customers benefit from funding that is quickly and easily available, and they can choose from multiple financing options. A personal Account Representative is assigned to the bank and guides each applicant through the process: Small Business Loan. When businesses have an immediate need for a traditional loan, this option offers the advantages of readily available funds with a short-term payback of up to 12 months. With no asset collateral, minimal paperwork and simple repayments, this is an ideal solution for customers.

Business Cash Advance

This type of innovative, unsecured financing is popular with businesses that accept credit cards. Repayment is made from future credit card receipts, so the businesses experience minimal impact on cash flows because the repayment fluctuates with sales. Lines of Credit. For a business that wants flexibility in the amount, timing and duration of their funding, a line of credit offers the option to draw funds only when needed.

SBA Bridge Loan

On occasion, obstacles may occur that must be overcome before the SBA-approval process can be finalized. This option can be used to pay off liens, judgments, etc., removing the obstacles so the approval can proceed.

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