RapidAdvance, a leader in the small business finance industry, has added 50 new jobs this year and plans to add more than 50 additional jobs in the coming years at its new Montgomery County headquarters. The Bethesda-based firm recently expanded and relocated its existing office to a larger 28,000 square-foot location in the area. RapidAdvance currently employs 200 workers at its three locations in Bethesda, Detroit, and Long Island.
Known as one of the top finance companies in the online marketplace for small business capital, RapidAdvance offers multiple financing options through its unique web-enabled system. The company's suite of products – ranging from term small business loans to merchant cash advances – allows business owners to quickly and easily obtain financing to grow their companies. RapidAdvance is part of the Rock Ventures Family of Companies, which includes Quicken Loans, among others.
"As a long-time employer in Maryland, we are pleased to work with the Maryland Department of Commerce on our recent office expansion," said Jeremy Brown, chairman of RapidAdvance. "With our growth and new jobs, we looked at each jurisdiction to support our company's development. Commerce stepped up to the plate and helped us make the decision to stay in Bethesda and locate to class A office space."
To assist with RapidAdvance's expansion, the state approved a $200,000 conditional loan through the Maryland Economic Development Assistance Authority and Fund (MEDAAF). Additionally, Montgomery County approved a $100,000 conditional grant through its Economic Development Fund Agreement.
"We want to recognize RapidAdvance for continuing to grow and add jobs in Maryland, and providing an important service to small business owners," said Governor Larry Hogan. "Thanks to companies like RapidAdvance and the many others that have expanded in Maryland this year, we are continuing to see tremendous progress toward ensuring our citizens have jobs and a strong economy."