BETHESDA, Md.–(BUSINESS WIRE)–Rapid Finance, a market leader in helping small businesses find sustainable and customized financing solutions through a quick and easy application process, has been named by Fintech Futures as a 2022 Banking Tech Award winner in the category of “COVID-19 Response by Technology Services and software providers” on 23rd annual ceremony. The Banking Tech Awards recognize excellence and innovation in the use of IT in financial services worldwide, and the people who make it happen.
Rapid Finance was instrumental in the implementation of the COVID-19 EIDL programs, supporting more than 21 million loan applications. nearly 2 million loan increases; 15 million grant applications; and processes more than 10 million loans and grants totaling nearly $400 billion. The Rapid Loan Origination System (LOS) accepted almost 700,000 applications in the first 24 hours alone and by the end of the first week had 4.5 million applications in the queue. The first approved loans were funded just three weeks after Rapid Finance’s first call with the SBA, and in the weeks that followed, peak processing reached 380,000 grant approvals and nearly 150,000 loan approvals per day (resulting in nearly $8 billion in daily funding) .
“The pandemic created a devastating disruption for small businesses around the world. We were proud to support the SBA and the COVID-19 Economic Injury Disaster Loan Program with the Rapid Loan Origination System, which delivered an unprecedented volume of financial assistance to millions of small businesses in every U.S. states and territories,” said Will Tumulty, CEO of Rapid Finance. “Winning this award recognizes our commitment to producing innovative financial technology to help small businesses secure the capital they need, even in the most challenging economic circumstances.”
About Rapid Finance
With a proven track record of helping small businesses (and those who support them) succeed, Rapid Finance has, since 2005, offered fast, easy and reliable financing options that give small businesses access to capital when they need it most. Using a thoughtful combination of technology, speed and deep industry expertise, Rapid Finance has helped millions of small business customers find financing plans that meet their unique business needs. Visit www.rapidfinance.com.
