SEDA-COG has been awarded a grant through the DCED Discovered and Developed in PA Program to convert our internal financial analysis and risk rating system to a web-based system to be used by DCED as well as the State’s Certified Provider network. The name of the system is the Financial Analysis and Credit Tool System (FACTS). The intention was to develop a system to help standardize the financial analysis of a borrower and risk rating not only for an initial loan application to DCED, but to be able to analyze the performance of a borrower throughout the life of their loan. This would lead to better speed and efficiency of the financial analysis capability of DCED staff when reviewing a loan request as well as enhance the ability of Certified Providers to review their existing portfolio. FACTS can be used for any loan program that a Certified Provider provides, whether it is a DCED loan program or an internal revolving loan fund. DCED has already begun using FACTS and they are quite pleased with the results so far.
On Tuesday, June 17th, from 10:30 to 12:30, SEDA-COG will be holding a training opportunity on FACTS and how it can help your loan department. It will be located in the DCED building (Commonwealth Keystone Building) in Harrisburg. Despite the short notice, I hope as many of you as possible can attend this event. For more information on FACTS, please visit www.efactspa.com or contact John Reichard at reichard@seda-cog.org.
