HUDSON, Mass.--(BUSINESS WIRE)--Avidia Bank, a leading provider of commercial lending solutions for small and medium sized businesses, announced the launch of the industry exclusive BusinessManager™ program. Designed with invoices serving as collateral, BusinessManager is a quick and simple way for businesses to get cash when they need it. Accounts Receivable Financing, also known as Invoice Financing, provides businesses with flexible and immediate cash that gives them the opportunity to grow, meet operational overhead, take advantage of vendor discounts, hire additional staff, or fund payroll. The BusinessManager solution can be customized to provide success for a variety of industries.
BusinessManager is web-based solution for growing businesses that need working capital to meet the demands of operating their business more successfully. Avidia Bank will purchase a businesses’ Accounts Receivable, both initially and on an ongoing basis, as new receivables are generated. Funds are then deposited into the businesses’ account, resulting in positive cash flow.
Utilizing BusinessManager’s electronic commerce feature, the business can exchange receivables information quickly and easily through Avidia Bank’s secure Internet site. In addition, businesses on the program receive access to detailed management reports with important information on aged receivables, customer balances, credit applications, and more.
BusinessManager has provided success to a variety of companies for more than 30 years and is a strong fit for fast growing industries including Healthcare, Manufacturing, Staffing and Employment Agencies, Transportation and Trucking, Energy, Wholesale, and Distribution.
“By making BusinessManager available, we see an opportunity to help local businesses, community, and entrepreneurs by improving their cash flow,” said Mark O’Connell, President and CEO. “This solution is a great addition to our already robust line of lending and cash management products.”
BusinessManager provides access to the necessary working capital to grow and expand the revenue and profitability of an organization which is key for new or growing businesses and is part of the Independent Community Bankers of America (ICBA) Preferred Service Provider Program. To learn more, click here.
Avidia Bank is a $1.2 billion mutual bank, headquartered in Hudson, with branches in Hudson, Westborough, Clinton, Leominster, Marlborough, Northborough and Shrewsbury. Avidia Bank provides state-of-the-art electronic banking capabilities to businesses, families and individuals across Central Massachusetts and beyond. Visit Avidia Bank at avidiabank.com.