Rapid Finance Announces Availability of API Service to Support State-Level Business Lending Disclosure Requirements

Bethesda, MD.–(Business Wire)–Rapid Finance, the market leader in helping small businesses find sustainable and customized financial solutions through a quick and simple application process, announced the availability of its new standalone software as a service (SaaS) Regtech model, SMB Disclosure To activate the service. Commercial lenders and financing companies quickly and easily generate state-by-state compliance disclosure statements.

California passed the first state disclosure law (SB 1235) for business tax preparers and the law takes effect today, while New York is expected to require similar disclosures by 2023. Utah and Virginia have also passed business tax disclosure laws. The purpose of these rules is to help small business owners understand the costs and benefits of business financing offers and compare different offers to find the best financing solution to meet their specific needs.

For commercial lenders and commercial financing companies, they will need to be able to produce agreed disclosure statements that meet each individual state’s requirements as part of the application process. With the SMB Disclosure Service, Rapid Finance leveraged Application Programming Interface (API) technology to allow organizations to easily interface the model with their existing origination platforms, accept different types, and calculated values. Provide that shown in the correct disclosure statements. Additionally, business tax preparers have the option of HTML or PDF formats to send required disclosures to their business clients, with a user interface available to perform some complex calculations (such as APR) and allow preparers to generate Use a calculator to Required Disclosures as Required. The SMB Disclosure Service is an offering from Rapid Enterprise, a business division of the company geared toward creating solutions for financial providers that help small businesses.

“Rapid understands the friction these new compliance requirements can present for commercial finance providers and brokers,” said Will Tumulty, CEO of Rapid Finance. “With the expansion of SMB Disclosure Services, we are equipping small business finance companies with the tools they need to ensure they can continue to meet their customers’ financing needs efficiently and effectively.”

For more information on SMB Disclosure Services and to speak with the team, contact [email protected]

About fast finance

Rapid Finance has a proven track record of helping small businesses and those who support them succeed. Since 2005, Rapid Finance has provided fast, simple and reliable financing options to provide small businesses with access to capital when they need it. Using a thoughtful combination of technology, speed and deep industry expertise, Quick Finance has helped millions of small business customers find financial plans that meet their unique business needs. Visit www.rapidfinance.com.

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