RapidAdvance Announces New Financing Facility Through Wells Fargo Capital Finance
BETHESDA, Md., April 2, 2012 /PRNewswire/ -- Rapid Financial Services, LLC (dba RapidAdvance), one of the nation's leading providers of short term financing to small businesses, today announced that it has closed a new financing facility, supporting its ability to serve the increased demand for working capital from small to mid-size businesses. Rapid Financial Services, LLC, secured the facility from Wells Fargo Capital Finance, part of Wells Fargo & Company (NYSE: WFC) ("Wells Fargo").
The facility provides the additional funding capacity needed to finance Rapid Financial Services, LLC high growth trajectory. The facility will provide financing to Rapid Financial Services, LLC's merchant cash advance business (operated under the name "RapidAdvance") and its small business lending program (operated under the name "Small Business Financial Solutions").
Rapid Financial Services, LLC's Chief Executive Officer, Jeremy Brown stated: "Wells Fargo is the premier lender to the Merchant Cash Advance industry. The fact that we were able to close this facility is a testament to the strength of our business, our management team and employees, and the data collection and analysis that we perform in underwriting and managing our portfolio every day. This facility will enhance our ability to grow and continue to expand our services to our clients, partners and small business owners as a whole."
Andrea L. Petro, Executive Vice President and Division Manager of the Lender Finance Division of Wells Fargo Capital Finance stated, "We are very pleased to extend a credit facility to Rapid Financial Services. We are impressed with the quality of the management team and the platform that they have built."
With multiple programs ranging from merchant cash advances to loans, Rapid Financial Services, LLC has financed businesses ranging from traditional storefront retail such as restaurants, dry cleaners, florists, and automotive repair to manufacturing, trucking, and construction companies by offering customized financing solutions matching the individual business owner's needs.
"We have seen the positive impact our financing has made on small businesses as the economic recovery has taken place. The addition of new working capital programs such as our loan product has enabled us to expand the scope of the clients we serve by now offering capital to non credit card processing small businesses. The response to these new programs by the small business community has been overwhelming." added Mark Cerminaro, RapidAdvance's SVP of Sales & Marketing.
About Rapid Financial Services, LLC
Rapid Financial Services, LLC is a leader in the alternative financing industry providing financing to meet the working capital needs of small and mid-sized business owners. Rapid Financial Services, LLC offers small business owners multiple financing options designed to meet all of the capital needs of established low risk businesses, businesses with financial challenges, and newer businesses. Rapid Financial Services, LLC's suite of products ranging from small business loans to merchant cash advances offers business owners of all types the ability to obtain financing to grow their business. Rapid Financial Services, LLC's funding programs provide funds for any business purpose including purchasing new equipment, inventory/seasonal merchandise, expansion/remodel, pay off debt/taxes, and emergency funding. Rapid Financial Services, LLC also offers a partner program for companies who work with small businesses. For more information, visit http://www.rapidadvance.com.
About Wells Fargo Capital Finance
Wells Fargo Capital Finance is the trade name for certain asset-based lending, accounts receivable and purchase order finance services of Wells Fargo & Company and its subsidiaries, and provides traditional asset-based lending, specialized senior secured financing, accounts receivable financing, purchase order financing and channel finance to companies across the United States and internationally. Dedicated teams within Wells Fargo Capital Finance provide financing solutions for companies in specific industries such as retail, software publishing and high-technology, commercial finance, staffing, government contracting and others. For more information, visit wellsfargocapitalfinance.com.
SOURCE Rapid Financial Services, LLC