Renasant Business Credit, the ABL division of Renasant Bank, and Bayside Business Solutions announced Renasant implemented Bayside’s CADENCE | Live platform to administer its ABL.
The CADENCE platform allows for the addition of multiple collateral types that can be blended in any combination to support loan facilities. The new Tracked A/R feature empowers Renasant to reduce risk via automated analysis of account receivable detail. This particular system is delivered in a secure hosted environment accessed through a web portal and includes a ClientWeb portal that gives Renasant’s clients the ability to view their ABL relationship online, in real time.
“We are delighted that Renasant Bank selected CADENCE as the software platform for their new ABL business,” said Marvin McConaghy, VP of Business Development at Bayside. “They have assembled an outstanding team to develop this line of business, and we look forward to being a part of their growth.”
Renasant Business Credit is focused on providing creative ABL solutions to commercial businesses with annual revenue of $10mm and greater, whose working capital financing needs are $1 million and more.