Business financing is often an essential component to any successful business. Whether it’s financing new ways to help reach your current business goals, or accessing extra working capital when you’re in a bind, Rapid Finance can help. Explore the possibilities of working with Rapid Finance through these two firsthand accounts by businesses who needed a little help making a big impact.
Rapid Finance is a small business marketplace funder that specializes in helping small businesses achieve their growth potential through financed capital. Whether they need funds for debt consolidation, property investments, renovations or marketing goals, Rapid Finance offers quick and convenient business funding products that provide access to working capital in as little as one business day.
But what sets Rapid Finance aside from the competition is its dedication to providing a human-oriented approach to business financing. Whether small businesses are looking for a small business loan or to simply grow their business, our dedicated team of business advisers walks them through every step of the way.
Rapid Finance has provided small business loans, merchant cash advances, business lines of credit and more financing products to thousands of qualified small businesses over the years, and with help from Rapid Finance you too can grow your small business — just like Marita’s Cantina and Mike’s Boise Clutch & Automotive.
When Marita’s Cantina opened its doors in 1984, now-owner Ian Schrier was just a college student. But when Ian joined the cantina in 1988, he saw its potential — and he wanted to make more of the place.
Ian got his opportunity when the restaurant’s new owner saw his devotion to Marita’s and offered him the job of a lifetime — running the business himself.
For years, Marita’s Cantina had its ups and downs. But just as most of the global economy was rocked by the Great Recession in 2008-2009, the restaurant industry — including Marita’s Cantina — felt the crunch.
And as those months of slower business went on and on, Ian began feeling the perils of running a small business in an economic crash. And with so many banks and lenders feeling uneasy about the current landscape of many small businesses, Marita’s Cantina was denied additional funds to stay afloat.
But unlike traditional lenders, Rapid Finance had just the products that Ian and his crew at Marita’s Cantina needed.
With help from a merchant cash advance, Marita’s financial troubles were thwarted. And the partnership between Rapid and the restaurant blossomed into one that Ian has been able to count on ever since.
That’s why Ian has continued to renew year after year with Rapid. Because not only is Rapid’s financing quick and convenient, it provides a partnership that goes beyond funding.
Mike’s Boise Clutch & Automotive
Twenty years ago, a newly married Mike Maxey decided it was time to turn his dreams into a reality by opening his own automotive shop with his wife. Opening his shop was something Mike always dreamed of doing, and the two of them knew that working for yourself was head and shoulders above punching a clock for someone else.
But as with Marita’s Cantina, those fateful years following the 2008 financial crash were tough for businesses across all sectors — and Mike, too, felt the pressure of trying to keep his shop lights on while making ends meet in a time of economic crisis.
And like most small business owners, Mike found himself looking for extra working capital from his local bank. But even though his business brought in more than six figures monthly, he was told it was nearly impossible.
So, when Mike needed financing for a new equipment purchase, and the bank denied his application, he turned to Rapid Finance. With a quick and convenient application process, Mike’s Boise Clutch & Automotive was granted working capital in a short turnaround with a merchant cash advance. Because of the quick turnaround, Mike was able to get the materials and equipment he needed to keep his doors open and his customers happy. And like the service Mike provides, he was able to make his upgrades happen quicker than the competition — thanks to Rapid Finance.
Grow your business with small business financing
Success stories like Maria’s Cantina and Mike’s Boise Clutch & Automotive are abundant when you work with Rapid Finance. And being able to scale and grow your business with the turning times makes it easier for you and your small business to stay one step ahead of the competition — just like they do in the marketplace funder space.
That’s why Rapid offers class-leading financial products and services to small businesses who might have trouble accessing working capital from a bank in times of uncertainty. Because they value the drive and perseverance that it takes to be a small business owner, and they understand the impact they make on their individual communities. So, if you’re looking to grow your business through financed capital, or are simply looking to stay ahead in the game, Rapid Finance can offer a multitude of financing products that allow you to continue hiring employees, purchasing products, scaling your marketing efforts, or covering outstanding costs.
Business financing options from Rapid Finance
- Term loan: A term loan, or small business loan, refers to lump sum of working capital to use for business purposes. This type of financing allows you to have a fixed payment automatically deducted based on your term options.
- Business lines of credit: A line of credit is a flexible funding option that allows small businesses to access capital on a need-be basis. Your small business is approved for a set amount of credit and then is allowed to draw on the approved amount when needed. This option allows you to take out capital when it’s necessary, without having the need to take it all out at once.
- Asset-based loan: An asset-based loan allows small business to access working capital through a loan secured by business assets. This allows the lender to collateralize with asset(s) from a business borrower, leading to potentially lower rates. Here, the more liquid the business asset is, typically, the less risky the loan may be considered for better term options.
- Invoice factoring: Invoice factoring is an advance where a small business sells its invoices at a discounted price for immediate access to working capital. It can take up to 90 days for your business to receive access to invoice factoring capital, so this option is best suited for those who aren’t looking to cover in a short-term situation.
Whether you’re a small business owner like Ian who decided to take a stab at running a favorite locally owned Mexican cantina or you’re determined to become your own boss like Mike, knowing what kinds of business financing products are available to you can help in times of uncertainty. And with products like term loans, business lines of credit and merchant cash advances, you and your small business can access working capital though marketplace funders, like Rapid Finance, when you need it most.
If you have any questions or would like to start an application for extra working capital, reach out to one of Rapid Finance’s specialized business advisers today at: 877-252-0827.