Bridge Bank Issues $4 Million Line of Credit to Ride Health
November 09, 2021
Bridge Bank today announced that it has issued an accounts receivable-based $4 million line of credit to Ride Health, a New York City-based healthcare technology and services company focused on patient transportation. The line of credit will be used to support working capital needs.
“Bridge Bank works with many innovative companies like Ride Health to deliver customized banking and financing solutions to support their growth,” said Roger Klarmann, senior vice president in Bridge Bank’s New York-based Technology Banking group. “We are pleased support Ride Health’s technology-enabled approach to transportation that ensures every patient can get where they need to go to access care.”
Bridge Bank prioritizes client relationships in its work with tech and innovation sector customers. Earlier this year, Bridge Bank provided Ride Health with a separate debt financing.
“Working with Roger and his team has been great,” said Imran Cronk, founder and chief executive officer of Ride Health. “We appreciate Bridge Bank’s highly responsive and tailored approach.”
Ride Health was founded to modernize the non-emergency medical transportation industry’s analog approach to ride coordination, offering an end-to-end transportation solution that automates trip scheduling, ride communications and benefit management across a national network of ride-hailing services, taxi companies and non-emergency medical transportation providers. The company partners with health plans, healthcare providers and life sciences organizations to manage transportation benefits and enterprise programs focused on improving clinical outcomes for populations facing transportation barriers.
Bridge Bank, a division of Western Alliance Bank, Member FDIC, delivers relationship banking that puts clients at the center of everything. Founded in 2001 in Silicon Valley, Bridge Bank offers a full spectrum of tailored business banking solutions throughout the Bay Area and has specialized expertise, focused on life sciences and technology and innovation companies, at every stage in their life cycle, through its offices in major tech hubs across the country. Bridge Bank also serves the private equity and venture capital communities and provides business escrow services. As part of $65 billion Western Alliance Bancorporation — ranked #1 top-performing large bank with assets greater than $50 billion in 2021 by both American Banker and Bank Director — Bridge Bank has the reach, resources and deep industry knowledge that make a difference for customers.