FAIRFAX, 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 valuable, 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
Information Analysis Incorporated (www.infoa.com), headquartered in Fairfax, Virginia, is an information technology products and services company. The Company specializes in software conversions, systems modernization and security.
Additional information for investors
This release may contain forward-looking statements regarding the Company's business, customer prospects, or other factors that may affect future earnings or financial results. Such statements involve risks and uncertainties which could cause actual results to vary materially from those expressed in the forward-looking statements. Investors should read and understand the risk factors detailed in the Company's 10-K for the fiscal year ended December 31, 2020 and in other filings with the Securities and Exchange Commission.
For additional information contact:
Jeremy Hellman, CFA
Vice President
The Equity Group Inc.
(212) 836-9626
Matt Sands, CFO
msands@infoa.com
(703) 293-7925
