TMCnet News
Information Analysis Plays Critical Role in Modernization and Enhancement of SBA's Largest Loan ProgramFAIRFAX, Va., Sept. 01, 2021 (GLOBE NEWSWIRE) -- Information Analysis Incorporated (OTCQB: IAIC) (“IAI”) today announced that the modernization of the Fiscal Transfer Agent (“FTA”) of the U.S. Small Business Administration (“SBA”) 7(a) Loan Program and Secondary Market project on which IAI has been a critical team member for over a year has begun operating. The newly modernized system will allow the FTA program through its partners to better perform loan servicing, technology modernization, and financial services for SBA’s loan programs, which have grown to over 7,500 lenders and nearly one trillion in assets. The 7(a) loan program grew substantially during this modernization process as the Paycheck Protection Program and its constantly-evolving guidance is administered under the 7(a) program. IAI was engaged by the prime contractor to join a technology team (“Team”) for the enhancement, transformation, and modernization of SBA’s current 7(a) Loan system environment, which includes complex legacy computer systems. IAI’s extensive experience in modernizing and migrating legacy systems that utilize COBOL and ColdFusion technology, along with its past success in complex enhancements of SBA legacy systems, will add vluable, technical expertise to the on- going support of the new platform. This collaborative migration and enhancement program is anticipated to cover up to an additional six (6) years over multiple phases. The resulting task orders will be carried out on a project-to-project basis in accordance with a technology roadmap developed by the Team and SBA. IAI’s staff of contributors will include a proven lineup of dedicated system migration specialists and analysts. Stan Reese, President, noted, “We are grateful for our successful history over many years in modernizing legacy government systems with the highest levels of customer satisfaction, including recent successes on major projects at SBA. We were critical in helping the modernization Team achieve this milestone, and our continued presence on this long-term sustaining subcontract should solidify the company’s financial strength for the foreseeable future and reinforce IAI as an industry leader in legacy system modernization.” About Information Analysis Incorporated Additional information for investors For additional information contact: Matt Sands, CFO
|