In the current climate of elevated interest rates, entrepreneurs want access to financing alternatives to facilitate expansion and strategize for both immediate and long-term success. Thus, Rapid Finance, a technology-driven financial service, and Ramp, a spend management platform, revealed their collaboration effort to give small businesses faster access to capital.
According to a press release issued by the companies on November 29, small businesses using Ramp’s platform can now have privileged access to funding options offered by Rapid Finance.
Ramp Vice President of Partnerships Michael Cohen stated, “Business owners are under increased financial pressure in this market and need more access to financing to meet their capital needs.” He continues, “We’re happy to work with Rapid Finance to provide businesses with the resources they require to expand.”
Rapid Finance assists businesses in succeeding by providing competitive financing options for their capital needs. Since 2005, the company has funded over $3 billion to small businesses. Similarly, Ramp is dedicated to ensuring its clients’ success through finance automation software, which streamlines back-end processes and enables companies to maximize their resources.
Small businesses on Ramp now have greater access to financing choices thanks to this agreement, enabling them to obtain the funds required to manage and expand their operations efficiently.
Merely 39% of small-to-medium-sized businesses (SMBs) could obtain funding from working capital loans and business credit cards.
As a result of their restricted access to cash, small firms are more susceptible to significant changes in the economy when interest rates rise. For instance, small businesses may experience financial strain due to their inability to obtain reasonable financing, making it challenging to maintain operations and pay their debts.
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