In an effort to better serve small businesses, Rapid Finance has expanded its Rapid Access Prepaid Mastercard program to include all eligible business line of credit clients. This program provides these clients with an easier and more flexible way to access their line of credit funds.
What is the Rapid Access Card program?
The Rapid Access Card program is a collaboration between Rapid Finance and Galileo Financial Technologies. It provides Rapid Finance's business line of credit clients with a Mastercard that is linked to their line of credit. This innovative solution allows cardholders to make purchases wherever Mastercard is accepted, providing greater convenience and flexibility in managing their cash flow. There are no extra fees associated with using the card, apart from those outlined in the LOC agreement. Eligible new clients will receive their cards within 5-7 business days of opening their LOC.
Why is this important for small businesses?
Small businesses often face challenges when it comes to accessing capital. Traditional bank loans can be difficult to qualify for, and the approval process can be slow. The Rapid Access Card program provides small businesses with a quick and easy way to access the funds from their Line of Credit to keep their businesses running smoothly.
A Bigger Picture: Lenders and New Products for Small Businesses
Rapid Finance's expansion of the Rapid Access Card program is part of a larger trend of lenders introducing new products and services to meet the needs of small businesses. As the small business landscape continues to evolve, lenders are recognizing the need to provide more flexible and innovative financing solutions. The Rapid Access Card program is a great example of how lenders are working to make it easier for small businesses to access the capital they need. It provides them with a more flexible and convenient way to access their line of credit funds.
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