RapidAdvance’s online lending platform and small business services root themselves in a single spirit: entrepreneurialism. For the company, the goal never is simply to deliver a product, no matter how good that product may be. It’s about helping people succeed by working collaboratively and making a sizable impact in the world of small business lending and financing.
To that end, RapidAdvance commits itself to serving the small business community with educational resources, thought leadership and strategic partnerships – the three arms that allow the company to help more small business owners get the funding and resources needed to compete and thrive in their industry. After all, small business is BIG business in the United States. The more support business owners get, the better off they, and the entire economy, will be.
Financial technology (FinTech) continues to grow enormously, with global investments growing to $5.3 billion in the first quarter of 2016 — an increase of 67 percent year-over-year. While Accenture says most of the growth has occurred in Europe and Asia, the United States is no laggard. A CB Insights report states that the U.S. accounts for some of the largest quarter-over-quarter spikes, raising almost $2 billion in Q1 2016.
Several forces contribute to the increase, including a greater emphasis on collaboration rather than disruption. That is, FinTech entrants seeks ways to work with, not against, incumbents that include traditional financial institutions and investors. Richard Lumb, Accenture’s Group Chief Executive for Financial Services, suggests the shift could be the result of the FinTech industry’s growing focus on “adopting and scaling clever ideas that improve service and efficiencies.”
The financial innovation, while good, can make for murkiness when small business owners try to locate funding sources. Because of that, RapidAdvance seeks to shed light on the changing lending space through articles, white papers and panel discussions. Most recently, FinTech Thought Leader and RapidAdvance Chairman, Jeremy Brown joined a number of finance, technology and innovation experts at the Small Business Development Center (SBDC) Conference in Orlando, Florida to discuss FinTech’s growth and relevance to small businesses, startups and entrepreneurs.
FinTech may be the future, but small business owners need assistance and access to financial resources today. RapidAdvance fills the gap with education and trainings. Through them, startups and entrepreneurs learn the importance of drafting a well-written business plan, managing their books, and understanding funding options.
For example, RapidAdvance’s Strategic Partnership Manager, Alex Matini led a financing seminar titled “Specialty Financing: Helping Banks Keep and Serve More Small Business Owners” at the 2016 SBDC Conference. He discussed how specialty financing, which includes RapidAdvance’s online lending platform, aids both small business owners and financial institutions.
“By working with us,” says Alex, “banks and other financers keep more customers. Small business owners get the capital or loans they need from us until they can graduate to more traditional lending products.”
Finally, RapidAdvance helps small business owners succeed through strategic partnerships. Notable ones include ongoing work with the National Small Business Association (NSBA) and the Small Business Administration (SBA).
SBA Bridge Loan Program
SBA loans benefit small and medium-sized businesses; however, the application process can be time-intensive. For business owners in need of immediate working capital, the “bridge” acts as the perfect solution. It alleviates worries about cash flow and covers unexpected expenses in the waiting period between applying for an SBA loan and getting it.
Customized Financing with the NSBA
The NSBA started partnering with RapidAdvance last fall to provide its members with financing alternatives and access to education and resources. Says NSBA President Todd McCracken, “RapidAdvance’s flexible [lending] programs offer multiple financing solutions customized to the individual business.”
The need is acute; the NSBA reports that nearly one in five small businesses struggle to get funding to make more sales and meet customer demand. Working with RapidAdvance offers a smart, simple and efficient solution to the problem, ensuring small business owners have the capital and resources needed to move their companies forward.
Small business owners always face challenges; however, they need not face them alone. RapidAdvance is here to support you with thought leadership, education, and partnerships with the SBA and NSBA. If you’d like to learn more about how we can help you grow your business, get in touch today.