Portfolio company Ocrolus stands out via its ability to automate the classification and extraction of data from documents required to convert SBA PPP loans into forgivable grants.
Since the initial CARES program launched, Ocrolus’ cloud-based solution has been deployed by numerous lenders to process over 1.3 million PPP applications. Ocrolus captures and digitizes payroll reports, bank statements, tax forms and other documents to substantiate and calculate PPP loan requests. As these loans are now becoming eligible for conversion to forgivable grants, originating lenders are facing the administrative burden of calculating payroll, utility, rent and mortgage payments by each borrower. Additionally, lenders need to document each calculation and provide best efforts to verify that the information is correct. The Ocrolus PPP platform is a purpose-built solution for SBA loan forgiveness. The cloud-based program is optimized to automatically capture payroll reports, utility bills, checks, invoices and associated financial documents. As with the PPP loan origination program, Ocrolus is able to quickly on-board lenders with both batch image capture as well as direct API integration with existing loan origination programs. The company is helping lenders make smarter, faster underwriting decisions through the use of human-in-the-loop document analysis, machine learning, and other advanced technologies that streamline the review process and deliver actionable data with unparalleled accuracy and speed.