NEWS | For Immediate Release
NEW YORK, April 3, 2020 – Moody’s Analytics announced today that it has enhanced its credit decisioning solutions to help streamline borrowing by small businesses under the CARES Act Paycheck Protection Program (PPP) administered by the Small Business Association (SBA).
“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,” said Steve Tulenko, President of Moody’s Analytics.
Under the CARES Act, small business owners can apply for government-backed loans through their banks. Moody’s Analytics has updated its solutions that streamline and automate online loan applications and credit decisions to help banks provide small businesses with more timely access to funding.
The new capabilities can help banks conduct Know Your Customer (KYC) checks, manage lending workflow, capture information consistently, and assess the credit position of their business borrowers. After a PPP loan is underwritten, lenders, guarantors, and other stakeholders can monitor loan performance and analyze aggregate trends.
Starting today, these enhancements will be made available to banks across the United States, including the hundreds of financial institutions already using Moody’s Analytics solutions. As more information about the SBA and PPP requirements is released, we will continue to adapt our solutions accordingly. Over the next few days, we will be hosting training sessions; dates and times will be posted here.
About Moody’s Analytics
Moody’s Analytics provides financial intelligence and analytical tools to help business leaders make better, faster decisions. Our deep risk expertise, expansive information resources, and innovative application of technology help our clients confidently navigate an evolving marketplace. We are known for our industry-leading and award-winning solutions, made up of research, data, software, and professional services, assembled to deliver a seamless customer experience. We create confidence in thousands of organizations worldwide, with our commitment to excellence, open mindset approach, and focus on meeting customer needs. For more information about Moody’s Analytics, visit our website or connect with us on Twitter and LinkedIn.
Moody's Analytics, Inc. is a subsidiary of Moody's Corporation (NYSE: MCO). Moody's Corporation reported revenue of $4.8 billion in 2019, employs approximately 11,100 people worldwide and maintains a presence in 40 countries.