(Columbia, MD) – July 22, 2016 – Bay Bank announced today that it has partnered with RapidAdvance, a small business lender, to offer business financing alternatives to its entrepreneur and small business customers.
By partnering with RapidAdvance, Bay Bank is able to expand their business lending solutions, supporting the growth of more of their business clients. The partnership offers a streamlined, simple and efficient process to Bay Bank’s clients through a RapidAdvance dedicated business advisor who will review their needs and provide customized solutions to help them accomplish their goals.
“Bay Bank is committed to helping entrepreneurs grow their businesses, and we are pleased to be able to provide another responsive debt alternative for early stage or transitioning small businesses when traditional bank credit isn’t the appropriate solution,” said Joe Thomas, Bay Bank President and CEO. “We view this as a step toward preparing our deposit customers for traditional bank senior debt financing in the future with Bay Bank as their banking partner.”
RapidAdvance, a leader in the small business finance industry, helps businesses meet their financing needs when they are looking to grow or expand, acquire inventory, take advantage of a marketing opportunity or buy out a partner, replace or update equipment.
“This partnership allows Bay Bank and RapidAdvance to better serve clients by providing a centralized place to secure financing which allows them to grow. We’re proud to support the country’s small business community,” said Will Tumulty, CEO at RapidAdvance. “This partnership also opens new growth opportunities and we look forward to working with Bay Bank and its business clients.”
The approval process at RapidAdvance is based on a business’s financial health and overall performance – not solely on credit. Approval is not dependent on collateral – which complements traditional financing offered by banks. It provides financing ranging from $5,000 to $1 million in as little as one day. RapidAdvance business advisors support clients through the process with ongoing counsel and beyond the life of their financing.
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About Bay Bank
Bay Bank, FSB is headquartered in Columbia, Maryland and serves the community with a network of 12 branches strategically located throughout the region. Founded in 2010, the bank has quickly developed a strong reputation for its focus on commercial and small business clients and respective service offerings. The bank has total assets of around $650 million. The bank’s parent company, Bay Bancorp, Inc., trades on the NASDAQ Capital Market under the ticker symbol “BYBK.” Member FDIC.
RapidAdvance is a leader in the small business finance industry. The company has provided more than $1 billion in working capital to thousands of US small businesses. RapidAdvance supports businesses including traditional retail establishments, brand name chain restaurants, automotive repair, manufacturing, trucking, and professional service providers.
The company is continually celebrated as an employer of choice, as measured by its team members’ high engagement in their jobs, job satisfaction, satisfaction with leadership, and the overall health of the organization.