Loan Review Tool – FI Consulting and Small Business Administration
In FY2019 the Small Business Administration (SBA) guaranteed over 51,000 small business loans for over $23.5 billion dollars. In order to safeguard taxpayer dollars and monitor the riskiness of SBA’s loan portfolio and its participating lenders, the Loan Review Tool (LRT) is designed to streamline the loan review function by automating key elements of the review process, allowing reviewers to spend more time on higher value analysis. The LRT effectively translates language identified in SOPs, Forms, and Regulations into business rules that guide a reviewer through the review process leading to consistent, accurate, and auditable results, similar to the way many U.S. taxpayers use a software tool to help them file their taxes. LRT empowers the SBA to use lower-skilled, less expensive resources to produce greater, more accurate, and more consistent loan review results. This innovation will ultimately save SBA money and strengthen and expand the agency’s in-house capability to monitor risk.
In FY2019 the Small Business Administration (SBA) guaranteed over 51,000 small business loans for over $23.5 billion dollars. In order to safeguard taxpayer dollars and monitor the riskiness of SBA’s loan portfolio and its participating lenders, the Loan Review Tool (LRT) is designed to streamline the loan review function by automating key elements of the review process, allowing reviewers to spend more time on higher value analysis. The LRT effectively translates language identified in SOPs, Forms, and Regulations into business rules that guide a reviewer through the review process leading to consistent, accurate, and auditable results, similar to the way many U.S. taxpayers use a software tool to help them file their taxes. LRT empowers the SBA to use lower-skilled, less expensive resources to produce greater, more accurate, and more consistent loan review results. This innovation will ultimately save SBA money and strengthen and expand the agency’s in-house capability to monitor risk.