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Renasant Business Credit Implements Bayside’s CADENCE Live Platform

February 04, 2014, 07:36 AM
Filed Under: Industry News

Renasant Business Credit, the asset based lending division of Renasant Bank, and Bayside Business Solutions, Inc., a leading developer of commercial portfolio management software, announced that Renasant has successfully implemented Bayside’s CADENCE | Live platform to administer its asset-based lending. 

The versatile 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, Vice President 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 asset-based lending solutions to commercial businesses with annual revenue of $10mm and greater, whose working capital financing needs are $1mm and more.

Bayside Business Solutions is an innovative supplier of portfolio management software to the global commercial lending industry.  Bayside has customers throughout North America as well as in Australia, the UK, Europe and Latin America.  Its operations are located in Birmingham, Alabama, and include worldwide support capabilities.

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