About this Accelerator
Use predictive analytics and machine learning to estimate the optimal loan size that the SBA will approve for a given applicant which enables lending partners to process loan applications and make data-driven lending decisions quickly. Automate process for accelerating the loan approval and rejection process and providing right-size loans to increase the likelihood of complete and timely payments to ensure compliance with SBA guidelines.
Challenges
- Backlogs and errors in loan application due to reliance on labor-intensive, manual, low-tech processing.
- High volumes of loan applications lead to bottlenecks and delays.
- Delays can cause applicants to lose critical business opportunities and impact their risk profiles.
- Inability to regularly run and re-run risk classification limits the accuracy of assessments.
- Lack of efficient, precise loan modeling makes it difficult to determine exactly what the SBA will approve.
Benefits
- Automate processes to ensure compliance with SBA guidelines.
- Accelerate the loan approval and rejection process.
- Predict right-size loans to increase the likelihood of complete and timely payments.
- Improve customer experience and increase customer retention.
- Support small businesses and the chain of industries dependent on them.