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The Data Challenge: How Lenders Can Expedite Loan Approvals of The CARES Act for Small Businesses

Updated: Sep 18, 2022

Our nation’s small businesses are facing an unprecedented economic disruption due to the Coronavirus (COVID-19) outbreak. On Friday, March 27, 2020, the President signed into law the CARES Act, which contains $376 billion in relief for American workers and small businesses. The Challenge to Lenders: Since the CARES Act was signed, banks, credit unions and other lenders have been getting inundated with applications from small businesses. The program options include paycheck protection, loan forgiveness and other options. As it stands now, the process to vet, approve and process these applications is complex, manual and time consuming, while the need to handle large volumes of applications is immediate and will continue to put a significant strain on current resources. The Data-Based Solution: The loan approval process can be expedited by verifying, classifying, and prioritizing applications with the use of existing document management tools built to scale for projects of this urgency. By extracting and efficiently analyzing application data, the approval process can be accelerated to get relief to the small businesses that need it most right now. Innodata’s DocAnalyticsTM platform turns application data into search and navigable results from a variety of formats, including XML, Excel, and CSV. Utilizing deep neural networks, DocAnalytics automates the extraction of key data points saving time and providing efficiencies necessary to enhancing the process.

  • Application forms

  • Payroll reports

  • Balance sheets

  • Lease documents

  • Mortgage documents

  • Profit & Loss statements

  • Utilities statements

  • Tax returns

  • Cap tables

  • IRS Form 941

Extracting Data from Application Documents Innodata transforms raw documents, and extracts key data points with a powerful combination of AI, machine learning, and human supervision. Automatically Classify & Prioritize Applications

Schedule a demo today and discover how DocAnalytics can improve efficiencies and expedite your application processes.

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