Bethesda, Md., based Rapid Finance, was founded in 2005 to fulfill market demand for small and midsize business (SMB) financing. After seeing SMBs struggle to acquire working capital from traditional financial institutions, such as banks and credit unions, company leaders saw an opportunity to improve efficiencies and access to lending sources, beginning with a simple application process.
Will Tumulty, CEO at Rapid Finance, noted the company has nearly 300 employees and focuses on helping SMBs find sustainable, customized financing solutions. "Rapid Finance takes a customer-first approach to everything that we do," he said. "We are committed to providing clients with financing options that best meet their individual business needs."
Tumulty further noted the company has three attributes that differentiate it from competitors in the space, stating that Rapid Finance is:
Among Rapid Finance's defining successes, Tumulty said, Rapid Finance is proud to have played a role in the nation's economic recovery when the company assisted the Small Business Administration in 2020.
"We immediately delivered a Loan Origination System capable of handling the large volume of applications for the COVID-19 Economic Injury Disaster Loan (EIDL), '' he said. "Applications were pouring into the SBA from small businesses across the country applying for the nation's first small business pandemic aid program.”
Tumulty noted the recent acquisition of digital lending platform provider Thrive is part of the company's efforts to expand its suite of finance solutions and provide banks, nonbank lenders and credit unions with a streamlined origination process and efficient underwriting for both consumer and SMB lending.
The company set forth examples of the company's core technology solutions, stating that Rapid Finance offers:
Tumulty went on to say that Rapid Finance works closely with sales channel partners to help their SMB customers access the capital they need to grow and prosper. As many partners have found, being able to offer capital solutions to SMB customers enhances client relationships and results in deeper long-term relationships that help their core businesses.
"We expect fast access to capital to remain a critical need for business owners in 2023, and we will continue to thoughtfully and strategically invest in the technology and service capabilities that will help SMBs not only survive, but thrive in today's economy," he said.
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