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CompanyProfile

Enhance relationships

with working capital

for SMBs ISO/MLS contact:

Will Tumulty, CEO

ethesda, Md., based Rapid Finance, was wtumulty@rapidfinance.com
founded in 2005 to fulfill market demand for
small and midsize business (SMB) financing. 240-762-5524
B After seeing SMBs struggle to acquire work- www.rapidfinance.com
ing capital from traditional financial institutions, such
as banks and credit unions, company leaders saw an
opportunity to improve efficiencies and access to lending tions for the COVID-19 Economic Injury Disaster Loan
sources, beginning with a simple application process. (EIDL), '' he said. "Applications were pouring into the SBA
from small businesses across the country applying for the
Will Tumulty, CEO at Rapid Finance, noted the company nation's first small business pandemic aid program.”
has nearly 20 employees and focuses on helping SMBs
find sustainable, customized financing solutions. "Rapid Tumulty noted the recent acquisition of digital lending
Finance takes a customer-first approach to everything platform provider Thrive is part of the company's ef-
that we do," he said. "We are committed to providing cli- forts to expand its suite of finance solutions and provide
ents with financing options that best meet their individu- banks, nonbank lenders and credit unions with a stream-
al business needs." lined origination process and efficient underwriting for
both consumer and SMB lending.
Tumulty further noted the company has three attributes
that differentiate it from competitors in the space, stating The company set forth examples of the company's core
that Rapid Finance is: technology solutions, stating that Rapid Finance offers:
• Small business loans: Agile financing, and has
1. More than just an SMB financing company. originated more than $3 billion in volume since in-
Through the company's recent acquisition of ception to more than 40K small businesses.
Thrive, Rapid Finance is expanding its market
offerings to automate the SMB lending process • Small business lines of credit: Businesses with
through its proprietary lending technology plat- access to line of credit financing from $5,000 up to
form. $55,000.
• Merchant cash advances: Merchant cash advances
2. Well-positioned to support low-credit or "thin" file of $5,000 to $600,000.
SMB borrowers. While numerous SMB lenders re-
quire a minimum 650 credit score to be eligible, • Lending-as-a-service (LaaS) capabilities: White-
Rapid Finance provides responsible financing op- label lending capabilities to organizations that serve
tions to customers with scores as low as 550, along SMBs.
with repayment options tied to SMB revenues, to • Software-as-a-service (SaaS) capabilities: A com-
help SMBs manage finances in the ever-changing plete SaaS platform to support lending operations
market. across acquisition, origination and servicing func-
tions.
3. Highly scalable having processed more than 21
million loan applications, nearly 2 million loan in- Diversified partner opportunities
creases, 15 million grant applications, and funded
more than 10 million loans and grants for over Tumulty went on to say that Rapid Finance works closely
$400 billion, helping SMBs stay afloat and solvent with sales channel partners to help their SMB custom-
during the pandemic. ers access the capital they need to grow and prosper. As
many partners have found, being able to offer capital so-
Fueling economic growth lutions to SMB customers enhances client relationships
and results in deeper long-term relationships that help
Among Rapid Finance's defining successes, Tumulty said, their core businesses.
Rapid Finance is proud to have played a role in the na-
tion's economic recovery when the company assisted the "We expect fast access to capital to remain a critical need
Small Business Administration in 2020. for business owners in 2023, and we will continue to
thoughtfully and strategically invest in the technology
"We immediately delivered a Loan Origination Sys- and service capabilities that will help SMBs not only sur-
tem capable of handling the large volume of applica- vive, but thrive in today's economy," he said.

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