Company’s SBA Economic Injury Disaster Loan (EIDL) program recognized for its impact in restoring a volatile banking landscape during the pandemic
BETHESDA, Md., December 19, 2022--(BUSINESS WIRE)--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 winner in the category of "COVID-19 Response by Technology Services & Software Providers" at the 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 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 totaling nearly $400 billion. The Rapid Loan Origination System (LOS) 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).
"The pandemic created a devastating disruption to small business operations across 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 across every US state and territory," 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
Rapid Finance has a proven track record of helping small businesses (and those who support them) succeed and since 2005, has been offering fast, simple, and trusted financing options that provide small businesses with 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 clients find financing plans that meet their unique business needs. Visit www.rapidfinance.com.
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