Rapid Finance Named a 2022 Banking Tech Awards Finalist by Fintech Futures
- 03.11.2022 05:20 pm
Rapid Finance, a market leader in helping small businesses find sustainable and customized financing solutions through a fast and simple application process, has been named by Fintech Futures as a 2022 Banking Tech Award finalist in the “COVID-19 Response by Technology Services & Software Providers” category, which recognizes “innovative financial technology services and software providers that helped restore a volatile banking landscape through the depths of the pandemic.”
“The pandemic was incredibly hard on main street businesses – restaurants, bars, barber shops, nail salons and many other small business industries were closed completely with no incoming revenue to survive,” said Will Tumulty, CEO, Rapid Finance. “When we were approached by the Small Business Administration with an emergency request to deliver a loan origination system capable of handling the onslaught of applications from small businesses across the country, I knew we had to quickly develop and deploy a solution to help keep these businesses afloat.”
Rapid Finance was instrumental in the execution of the COVID-19 EIDL Programs, successfully supporting more than 21 million loan applications; nearly 2 million loan increases; 15 million grant applications; and processing more than 10 million loans and grants totalling more than $400 billion. The solution accepted nearly 700,000 applications in the first 24 hours alone and by the end of the first week, had 4.5 million applications in queue. The first approved loans were funded just three weeks after Rapid Finance’s initial conversation with the SBA, and during the weeks that followed, peak processing reached 380,000 grant approvals and nearly 150,000 loan approvals per day (resulting in almost $8 billion in daily funding).