To help banks provide small businesses with more timely access to funding, Moody’s Analytics has enhanced its credit decisioning solutions. These new capabilities help streamline borrowing under the CARES Act Paycheck Protection Program (PPP) managed by the Small Business Association (SBA).
The CARES Act allows small business owners to apply for government-backed loans through their banks. The enhancements from Moody’s Analytics, which focus on Know Your Customer checks, managing lending workflows, assessing business borrowers’ credit positions and more, are now available to banks across the United States. As SBA and PPP requirements evolve, the company will further adjust its solutions accordingly.
“We understand the financial stress small businesses are facing and have enhanced our lending solutions to help banks extend credit more quickly in response to the coronavirus challenge.”
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