Chesapeake Bank Touts Flexent Division for Flexible Financing, Fast Access to Cash
Bank-backed service allows small businesses and entrepreneurs to borrow against strength of invoices and inventory.
KILMARNOCK, Va., Sept. 23, 2021 /PRNewswire-PRWeb/ -- Chesapeake Bank (https://chesbank.com/), a Kilmarnock, Va.-based community bank with locations in several regions throughout Virginia, announces the rebranding of Flexent, a flexible financing service that allows entrepreneurs and small business owners to borrow against the strength of their invoices or inventory.
Flexent, formerly known as CashFlow, is a national service designed especially for business owners who are long on ambition, vision and determination but often short on readily accessible cash to achieve the next step in their company's growth, such as making a strategic acquisition, paying off debt or pursuing an unexpected opportunity. The service is ideal for small businesses that may not qualify for a traditional loan but can benefit tremendously from financing that is fully backed by a community bank.
"The two primary products within our Flexent division are accounts receivable financing and asset-based lending, both of which offer significant benefits to small business customers," said Kevin Wood, senior vice president and managing director of the Flexent program at Chesapeake Bank. "We can provide financing for needs up to several million dollars at critical junctures – called inflection points – along a company's growth trajectory."
- For example, customers who are approved for accounts receivable financing can send Flexent a copy of their invoices. Upon qualification, the bank will advance cash equating to 80%-90% of the invoices within 24 hours.
- Flexent's asset-based lending product lets customers borrow against the strength of invoices and inventory for needs of $500,000-$4 million-plus. Upon qualification, Chesapeake Bank can advance businesses 80%-90% of accounts receivables and up to 50% of that amount in inventory.
"Just like it sounds, Flexent is more flexible, much less restrictive and less expensive than factoring or equity financing," added Wood. "There's no need to give up equity in your company and Flexent is competitively priced to help business owners save on interest and fees."
Wood noted that other financial institutions in Chesapeake Bank's footprint, and even outside of its market areas, have recommended using Flexent through Chesapeake Bank to assist small business customers needing bank-backed cash instead of a traditional loan. "Working together, we invest in the success of our customers and referral partners," he said.
John Marshall of Atlantic Coast Electric Supply began using CashFlow, now Flexent, in 2017 when he needed a flexible line of credit to purchase a distressed business and ultimately grow to five locations in the Carolinas. "My primary bank referred me to Chesapeake Bank, which believed in our business plan and took a shot on us, increasing our line of credit from $1.2 million to $4.5 million over four years," he said. "They made it such an easy process and we couldn't have done it without them."
For more information about the Flexent program at Chesapeake Bank, visit https://flexent.com
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About Flexent from Chesapeake Bank – Flexent is inflection point financing that provides entrepreneurs access to the cash and advice they need to fund expansion, make a strategic acquisition, bring a vital hire onboard, pay off pressing debt, or pursue an unexpected opportunity when it looks like they've exhausted other financing options. All with the backing of a bank that's been trusted by businesses for over 121 years.
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SOURCE Flexent from Chesapeake Bank

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