Rapid Finance, a market leader in assisting small businesses in locating sustainable and customized financing solutions through a quick and easy application process, has been named a 2022 Banking Tech Award winner in the category of “COVID-19 Response by Technology Services & Software Providers” at the 23rd annual ceremony by Fintech Futures. The Banking Tech Awards honor achievement and innovation in the use of information technology in financial services throughout the world, as well as the individuals who make it happen.
Rapid Finance played an important role in the implementation of the COVID-19 EIDL Programs, effectively enabling over 21 million loan applications, over 2 million loan increases, 15 million grant applications, and processing over 10 million loans and grants totaling approximately $400 billion. The Rapid Loan Origination System (LOS) approved approximately 700,000 applications in the first 24 hours and had 4.5 million applications in line by the end of the first week. The first authorized loans were financed within three weeks after Rapid Finance’s initial contact with the SBA, and peak processing reached 380,000 grant approvals and approximately 150,000 loan approvals per day (resulting in nearly $8 billion in daily financing) in the weeks that followed.
“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.”
Source : Rapid Finance.
