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

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.

DocAnalytics expedites loan approvals for CARES Act
  • 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.

docAnalytics by Innodata

Automatically Classify & Prioritize Applications 

docAnalytics by Innodata

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

Darian Schwartz

Darian Schwartz- VP, Financial Data Solutions

Darian has extensive industry knowledge and experience in helping top financial leaders execute large scale, global NLP projects. Using an individual approach, Darian helps clients develop and implement custom data engineering strategies that are specifically tailored to their needs.

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(NASDAQ: INOD) Innodata is a leading data engineering company. Prestigious companies across the globe turn to Innodata for help with their biggest data challenges. By combining advanced machine learning and artificial intelligence (ML/AI) technologies, a global workforce of over 3,000 subject matter experts, and a high-security infrastructure, we’re helping usher in the promise of digital data and ubiquitous AI.

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