Northern Maine Development Commission has selected Celant Innovation's Contract Automation Engine to automate its loan documents, increasing accuracy and efficiency for the development commission.
CARIBOU, Maine, May 17, 2022 /PRNewswire-PRWeb/ -- Northern Maine Development Commission ("NMDC"), a non-profit corporation providing access to capital and services to expand, diversify and attract business and industry in the Northern Maine region, today announced that it has automated the generation of its loan documents. It will impact loans involving various funding sources, including from the SBA, USDA, EPA, CDFI, Finance Authority of Maine, among others. It has selected Celant Innovation's ("Celant") Contract Automation Engine as its document automation platform.
"We identified document automation as an opportunity to streamline operations and eliminate duplication of effort to better serve our loan clients. Celant provided a unique product that saved our loan officers significant time and resources, thereby affording our customers faster processing times and capital deployment." said the Executive Director of NMDC, Robert Clark.
David Spooner the Loan Officer and Business Development Director of NMDC, added, "The Celant solution for NMDC was extremely intuitive, it went much more smoothly than I anticipated. The concept of undertaking a process change of this scale was almost unpalatable to me but the Celant crew really made it painless and the end product was exactly what we were looking for."
"We've attempted to add process improvements in the past but none of them really moved the needle like Celant has. What could normally be done in 2 hours' worth of work, can now be done in 30 minutes thanks to Celant.," said Josh Nadeau, the Commercial Loan Officer for NMDC.
Jason Lee, the CEO of Celant, commented: "We're very pleased with how this automation project turned out. We were originally engaged to automate just the SBA Microloan transactions but once the NMDC team saw the solution's potential, we expanded it to include their 8 loan products. They have a library of about 3 dozen documents that need to be picked out and modified depending on the funding source and collateral package. We worked closely with the NMDC team to devise a solution where such tasks can be completed in about 5 clicks or so – we were both thrilled with the outcome."
About Northern Maine Development Commission
With over $30 million in revenue and $20 million in assets, the Northern Maine Development Commission (NMDC) is a membership organization comprised of participating communities and counties in the Aroostook-Washington Economic Development District. NMDC provides federal and state services at the regional and local levels. NMDC also provides management and support for Aroostook County Tourism (ACT), Aroostook Municipal Association (AMA), and Aroostook Partnership (AP).
About Celant Innovations
Founded in 2015, Celant Innovations develops and operates cloud-based and on-premises solutions for financial, legal and other professional institutions. Based out of the greater metropolitan area of Detroit, Michigan, Celant's products include contract automation and error detection systems for legal documents.
Media Contact
Jason Lee, Celant Innovations, 1 9173319965, [email protected]
Robert Clark, Northern Maine Development Commission, 2074935762, [email protected]
SOURCE Celant Innovations
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