Email from Rapid Financial Services CTO to SBA staff, Mar. 30, 2020

Summary

An email chain of Monday, March 30, 2020 on the RER/Rapid Loans/Rapid Finance process and its inherently governmental checks. In the earliest message, a sender at sba.gov asks for a process document asap that addresses the steps in the process, including the internal controls and inherently governmental checks, and says it needs OGC review and ultimately Administrator sign off. The requested outline includes RF recommending approval up to $500k based on loss of 6 months of working capital and an SBA Loan Officer approving in batch of up to 500 at a time. A reply sent at 8:42 PM EDT states that batch approval is not currently in the process flow and that approval is done at a deal level, one at a time. The reply attaches SBA COVID EIDL Flow v7.pdf.

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a rocketloans.com>; |g rapidfinance.com mm: rapidfinance.com>
Subject: Re: RER/Rapid Loans/Rapid Finance process (Inherently Governmental checks} Document

CAUTION - The sender of this message is external to the SBA network. Please use care when
clicking on links and responding with sensitive information, Send suspicious email to

Adding some folks from RER Rocket. Eric and Bartie, let us know how we can help.

Chief Investment Officer, EVP
Rocket Loans

1

From:
Sent: Monday, March 30, 2020, 7:36 PM

Ce:

Subject: RER/Rapid Loans/Rapid Finance process (Inherently Governmental checks) Document

Appreciate ALL the work both of you are doing but | need a process document asap that addresses the
steps in the process including the internal controls and inherently governmental checks in the process.

This is what | think the consensus would like and we need to include OGC review and ultimately
Administrator sign off. You know the drill.

Summary Page with a section/tab for each bullet below (add as many bullets as you would like):

e SBA website (URL)
Rapid Finance Loan platform

e RF process (list of iterns contained in the system and all the checks that are performed), internal
control/due diligence items/formulas

e RF recommends decline or further review to Processing and Disbursement Center (describe what is
next)

@ RF recommends approval up to $500k based on loss of 6 months of working capital
e SBA Loan Officer approves in batch of up to 500 at a time (Only inherently governmental check)


File and source

File

rapid-cto-to-rivera-sba-3-30-20-redacted-pdf_4336d6e49d7436d0_wayback.pdf

Size

664,668 bytes

SHA-256

dcf1710a435fbe5596c09f0e20b0a96ad81b593bbdfe2385eecc1fd3195ad5b7

Our copy

rapid-cto-to-rivera-sba-3-30-20-redacted-pdf_4336d6e49d7436d0_wayback.pdf

Original

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